Congress Extends US Debt Limit Through 2024 in Bipartisan Deal

The US Congress passed a bill to extend the country's borrowing authority through 2024 and trim federal spending.

The bill was approved by the Senate with a majority of 63 votes to 36 after passing the House of Representatives the previous day.

The legislation averted a first-ever default on the country's debt.

The bill was the result of negotiations between Democratic President Joe Biden and the Republicans.

The US government has a debt limit, which limits the amount of federal debt that can be accrued.

This limit has been raised over 100 times since its introduction to allow the government to meet its spending commitments.

The current debt limit stands at around $31.5 trillion and both parties consider raising the debt limit to be politically toxic.

If the debt limit is not raised, it could lead to a depression and roil world markets as the government misses debt repayments.

The recent vote to extend the debt limit was seen as a victory for President Biden, who was able to protect almost all of his domestic priorities from deep cuts threatened by Republicans.