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U.S. President Joe Biden addresses the nation on averting default and the Bipartisan Budget Agreement, in the Oval Office of the White House in Washington, D.C., June 2, 2023. /Reuters
U.S. President Joe Biden said in a live speech on Friday that he will sign into law the debt ceiling bill authorizing increased U.S. government borrowing on Saturday.
The bill, passed by the U.S. Congress this week after nail-biting negotiations, will lift the government's $31.4 trillion debt ceiling, averting what would have been a first-ever default.
In an Oval Office address to the nation on Friday night, Biden said that without the bill the country could have defaulted as early as Monday and "nothing would have been more catastrophic."
(With input from agencies)
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Disinformation report hotline: 010-85061466