Biden expected to sign budget deal to raise debt ceiling
President Joe Biden is expected to sign legislation to raise the debt ceiling on Saturday, preventing a potential crisis that would have led to the country's first-ever government default and sent shock waves through the U.S. and global economies WASHINGTON -- President Joe Biden is expected to sign legislation on Saturday to raise the debt ceiling , just two days before the U.S. Treasury warned that the country would struggle to pay its bills. The bipartisan measure, which was approved this week by the House and Senate, eliminates the potential for an unprecedented government default. “Passing this budget agreement was critical. The stakes could not have been higher," Biden said from the Oval Office on Friday evening. “Nothing would have been more catastrophic,” he said, than defaulting on the country's debt. The agreement was hashed out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their demanded federal spending cuts but holding the line on ma...