Biden signs debt ceiling bill that pulls US back from brink of unprecedented default

With just two days to spare, President Joe Biden has signed legislation that lifts the nation’s debt ceiling. That averts an unprecedented default on the federal government’s debt. The Treasury Department had warned that the country would start running short of cash to pay all of its bills on Monday, a development that would have sent shockwaves through the U.S. and global economies. To mark the signing, Biden could have held a public ceremony at the White House with lawmakers from both parties, showcasing the bipartisanship he'd cited in an Oval Office address Friday evening. But the president signed the legislation Saturday in private in a reflection of the tight deadline facing the nation.