US avoids default for first time in history, President Biden signs debt ceiling bill.
Yesterday, the US Senate approved the debt ceiling and budget cuts bill.
The Finance Department had said that if the Congress did not come to a conclusion by June 5, the Treasury would not be able to pay its bills.
The Republican Party has a majority in the House of Representatives, where the bill was approved by 314 votes to 117.
Democrats have a numerical advantage in the Senate, where 63 votes were cast in favor of the bill and 36 against.
After approval by both houses, President Joe Biden signed the debt ceiling deal today.
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