President Joe Biden signed legislation on Saturday that lifts the nation's debt ceiling, averting an unprecedented default on the federal government's debt.

The legislation was passed by Congress on Friday after months of negotiations. The House of Representatives voted 221-207 to pass the bill, and the Senate voted 50-48 to approve it.

The debt ceiling is a legislative limit on the amount of money that the federal government can borrow. The government has been running a budget deficit for years, and the debt ceiling has been raised or suspended several times to avoid a default.

A default on the US debt would have had serious economic consequences, including a sharp rise in interest rates, a decline in the value of the dollar, and a recession.

The bipartisan deal to raise the debt ceiling was a victory for President Biden and congressional leaders. It was a sign that the two parties are still capable of working together, even on difficult issues.

The deal also sends a message to the world that the US government is still a reliable borrower. This is important for the US economy, as it helps to keep interest rates low and attracts foreign investment.

The debt ceiling is a temporary measure, and it will need to be raised again in the future. However, the deal reached on Saturday provides some relief to the US government and the global economy.