Biden signs debt ceiling legislation

President Joe Biden pauses before address on the budget deal that lifts the federal debt limit and averts a U.S. government default at the White House in Washington, June 2, 2023. [AP Photo]

U.S. President Joe Biden signed into law on Saturday legislation that suspends the U.S. government's debt limit through January 2025 and avoids a potentially disastrous default just days before the government runs out of cash to pay its bills.

His signature came with two days to spare: the Treasury Department had said the government wouldn't have enough money to pay all of its bills by Monday.