It was a decidedly low-key denouement to a monthslong drama that unnerved financial markets at home and abroad and caused anxious retirees and social service organization to make contingency plans in case the country was unable to pay all its bills.
The White House released a picture of the president signing the legislation at the Resolute Desk. In a brief statement, Biden thanked Democratic and Republican congressional leaders for their partnership, a cordial message that contrasted with the rancor that initially characterized the debt debate. Raising the nation’s debt limit, now at $31.4 trillion, will ensure that the government can borrow to pay debts already incurred.
Biden touted the achievements of his first term as he runs for reelection, including support for high-tech manufacturing, infrastructure investments and financial incentives for fighting climate change. He also highlighted ways he blunted Republican efforts to roll back his agenda and achieve deeper cuts.
Biden praised McCarthy and his negotiators for operating in good faith, and all congressional leaders for ensuring swift passage of the legislation. “They acted responsibly, and put the good of the country ahead of politics,” he said.