Biden signed an executive order raising the U.S. debt ceiling

U.S. President Joe Biden on Thursday, October 14, approved raising the national debt ceiling to $480 billion, according to the White House.

This will allow national spending to be covered until Dec. 3.

“The president signed a bill that would raise the national debt limit by $480 billion, which is expected to be enough to keep the federal government fully committed through early December,” the Washington Post quoted the statement as saying.

On October 12, the House of Representatives approved an increase in the debt ceiling. A week earlier, the U.S. Senate supported the initiative.

October 6, Biden compared the situation around the debt ceiling of the United States with a meteor that threatens to hit the national economy. He also criticized the Republican Party, which opposes the approval of the initiative to raise the debt ceiling or the suspension of the borrowing limit by Congress.

On August 1 the restrictions on the size of the national debt came back into force in the United States. They have not been in force for two years. At that time the country’s debt already exceeded its GDP, and in June this year it reached $28.5 trillion. The limit was restored at $22 trillion.