U.S. President Joe Biden approved an executive order raising the country’s national debt to $28.9 trillion, delaying a potential default until almost the end of 2021. According to preliminary calculations, the increased limit of $480 billion will be enough to pay employees and government spending until December 3, 2021. Without this decree, the government could have been furloughed as early as Oct. 18 for lack of funds in the treasury.
However, it was not easy to pass this bill because of the confrontation between Democrats and Republicans. Thus, the Senate passed it as early as last week, the House of Representatives signed it this Tuesday, and Biden signed the document on Friday.