United States President Joe Biden signed on Saturday the bipartisan debt ceiling agreement into law after it was swiftly passed by both Congress chambers over the past week, APA reports citing Teletrader.

By inking the deal, Biden suspended the nation's debt limit until 2025 and averted what could've been the first US default in the country's nearly 250-year-long history. However, the bill also limits nondefense spending, expands work requirements for some food stamp recipients, and brings back some COVID-19 relief funds that weren't used during the crisis.

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The Treasury Department previously warned it could run out of funds by June 5, triggering a default that could've negatively affected the global economy. To avoid the damage, the House passed the bill on Wednesday and the Senate passed it on Thursday after Congressional leaders reached an agreement on the budget content with the White House.

Source: Azeri-Press News Agency