Biden signs bill into law to raise federal debt ceiling until early December: White House

US President Joe Biden has signed a bill into law to temporarily increase the federal debt ceiling by USD 480 billion until early December, the White House said.

"On Thursday, October 14, 2021, the President signed into law: S.1301, which provides for authority to increase the debt limit by $480 billion, which is expected to be sufficient to allow the Federal Government to continue to meet its full commitments through early December," the White House said in a statement on late Thursday.

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Earlier, the House, a part of the federal government`s legislative branch, had voted earlier to raise the debt limit into December.

Biden administration officials had warned the US would default if the debt limit was not raised by October 18, The Hill reported.