After many weeks of political confrontation, US President Joe Biden signed the bankruptcy protection law into law today, the White House announced.

Biden ratified the law which raises the US debt limit, preventing a default.

Both houses of Congress approved the bill this week after Biden reached an agreement with the Republican speaker of the House of Representatives, Kevin McCarthy, after tense, multi-day negotiations.

This law suspended for two yearsuntil January 2025, the US debt ceiling and also sets some fiscal targets.

Biden had previously announced that he would sign the law as soon as it arrived in his office, pointing out that “nothing would be more irresponsible, more destructive” than the US bankruptcy.

The Ministry of Finance he had warned that he would not be able to pay all his obligations after June 5, since there was no agreement in Congress until then.