President Biden signs debt ceiling bill, extending it to two years

WASHINGTON, D.C. (NBC, KYMA/KECY) - President Joe Biden signed a bill into law on Saturday, extending the debt ceiling for two years.

The Treasury Department had warned the government could go into default as early as Monday. However, President Biden signed the Fiscal Responsibility Act of 2023, which will suspend the public debt limit through January 1, 2025, after the 2024 presidential elections.

The Senate passed the bipartisan budget deal in a 63-to-36 vote Thursday, and the House passed the legislation a day earlier by a vote of 314-to-117.

The legislation includes measures related to billions in unspent covid relief funds as well as eliminating more than $1 billion in IRS funding.

It also restarts federal student loan payments and will add work requirements for people up to age 55 to get certain government benefits.