US President Joe Biden said he will sign on Saturday, June 3, 2023, the bill that Congress approved this week to raise the US debt ceiling and limit spending to become law.

Biden announced that nothing would be more irresponsible and more catastrophic than the United States defaulting on its debts.

The measure that Biden will sign allows an increase in US government borrowing, which removes the "catastrophic" threat of default hanging over the world's largest economy.

For his part, Biden addressed his people saying: "I would like to praise House Speaker McCarthy, we were able to reach an agreement and get things done.. we were honest with each other, completely truthful and respectful with each other.. both sides acted in good faith and both sides fulfilled their promise, I would like to thank the members of Congress who voted to pass this agreement which I will sign on Saturday, to become law."

Members of the US Senate had voted to raise the federal debt ceiling on Thursday, concluding arduous negotiations to avert the specter of a catastrophic debt default just four days before the deadline set by the Treasury Department.

In the same context, economic experts warned that the United States might not be able to pay its bills by Monday, leaving no room for delay in implementing the "Fiscal Responsibility Act" which extends government borrowing authority to 2024 while reducing federal spending.

The Senate passed the measure reached by Biden with Republicans by a comfortable majority (63 to 36 votes) following its approval in the House of Representatives.