President Joe Biden has signed legislation that lifts the nation’s debt ceiling, averting an economically disastrous default on the federal government’s debt. The signing of the Fiscal Responsibility Act suspends the debt limit to renew borrowing and avoid a default that would have likely had damaging implications for the American and global economies.

The bipartisan deal came after months of political wrangling. The Senate earlier this week passed the Bill to raise the debt ceiling and cap government spending

for the next two years. The country's debt currently stands at around 31 trillion dollar.

Republicans, who currently have a majority in the House of Representatives, had refused to raise the debt ceiling unless Biden and the Democrats agreed to federal spending cuts.

The US Treasury Department had earlier warned that if the debt ceiling was not raised beyond Monday, the US government could run out of money and default on its 31 trillion dollar debt

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