Biden signs debt ceiling Bill into law, averting default

after weeks of wrangling, moving to avert a catastrophic, self-induced default in the world's biggest economy.

A default would have likely triggered market panic, huge job losses and a recession, with global implications. Ratings agency Fitch said on Friday that it is keeping the United States'"AAA" credit rating on negative watch, despite the deal.REACHING OUT TO OPPONENTS This triggered a test of political strength that threatened to end in chaos before the two sides agreed this week on raising the debt ceiling while freezing some budgetary spending in return - yet stopping well short of Republican demands for cuts.

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