"Default would have destroyed our nation’s credit rating, which would have made everything from mortgages to car loans to funding for the government much more expensive. And it would have taken years to climb out of that hole.
And America’s standing as the most trusted, reliable financial partner in the world would have been shattered. So it was critical to reach an agreement. And it’s very good news for the American people," he said, TASS reported.
Biden confirmed that he intends to sign the bill on June 3. "So, I want to thank the members of Congress who voted to pass this agreement, which I’m going to sign tomorrow and become the law," he said.
On June 1, a bill to raise the US national debt ceiling in order to prevent a default in the country has secured enough votes to be approved by the US House of Representatives.