Biden signs bill, avoiding US default

WASHINGTON — President Joe Biden has signed a bill that suspends the US government's $31.4 trillion debt ceiling, averting what would have been a first-ever default with just two days to spare.

The bipartisan act suspends the public debt limit until Jan 1, 2025, and increases the limit to the actual debt level on Jan 2, 2025.

The global investment bank Goldman Sachs said the US total federal government debt would exceed $35 trillion by January 2025, which equals more than $100,000 for each US citizen.