President Biden has averted a potential economic crisis by signing a bill to raise the debt limit. The debt limit is the maximum amount of money the United States can borrow to pay its bills, including salaries of government employees, Social Security benefits, and Medicare payments. Without action, the US could have defaulted on its debt, leading to soaring interest rates, a weaker dollar, and a devastating impact on the global economy.

This bipartisan deal was reached after weeks of negotiation, with Senate Minority Leader Mitch McConnell withdrawing his demand that Democrats resolve the issue alone. The deal raises the debt limit by $480 billion, allowing the government to meet its financial obligations through early December.

While the signing of the bill is a relief to many, some are not happy with aspects of Biden’s economic policies. In an opinion piece for Newsweek, an author argues that the Senate was right to reject Biden’s proposal for student loan debt relief, which they believe unfairly benefits the rich.

Overall, the signing of the debt limit bill is a significant win for the Biden administration, as it avoids potential economic catastrophe and demonstrates the ability to work across the political aisle.