US President Joe Biden signed a law bill to boost the nation’s borrowing authority, avoiding the threat of a first-ever debt default. The House of Representatives decided along party lines to give the stop-gap $480 billion hikes, which originated from the US Senate after weeks of heated debate.

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Without this increase in the debt limit, the Treasury said that the federal government were not capable of securing and maintaining loans after October 18. This will have reflected in the world as an economic failure. “This increase in the debt limit is sufficient to let the Federal Government continue to meet its full commitments before December,” the White House said in a release.