USA: Biden signed a bill to raise the debt ceiling

American President Joseph Biden on Saturday, after several weeks of political battle, signed a law that removes the danger of non-payment of financial obligations of the United States of America (USA), the White House announced.

This week, the US Congress accepted a text that allows for the lifting of the US public debt ceiling by January 2025 and sets some budgetary targets, SEEbiz reports.

"Biden thanked parliamentarians, including Republican leader Kevin McCarthy, for their cooperation in passing the law," the White House said in a statement.

Without that law, which was confirmed by the Democratic majority on Thursday, and by the House of Representatives with the Republican majority on Wednesday, the country would already be in a situation tomorrow where it cannot repay its debts.

"Nothing would be more irresponsible and more disastrous. It is difficult to reach a consensus overcoming party divisions. Unity is difficult. But we must never give up trying," said Biden in an official address on Friday.