Congress' time-honored traditions and a some "paperwork" have delayed President Biden from signing the debt ceiling deal, with a looming Monday deadline.

With just two days to spare, President Joe Biden has signed legislation that lifts the nation’s debt ceiling. That averts an unprecedented default on the federal government’s debt. The Treasury Department had warned that the country would start running short of cash to pay all of its bills on Monday,

President Joe Biden averted an economic catastrophe just days before the US was set to default on its debts.

Biden signed H.R. 3746, the "Fiscal Responsibility Act of 2023," two days before Monday’s default deadline, on which the U.S. would run out of cash to pay its bills.

The final passage of the debt ceiling deal and the growing field in the 2024 race are likely to dominate the Sunday talk show circuit this weekend. President Biden signed legislation to raise the debt ceiling on Saturday,

The statement came hours after Mr Biden hailed the bipartisan agreement hatched with House Speaker Kevin McCarthy during a speech from the Oval Office on Friday night, where he urged Americans not to give up on working across the political aisle to solve national problems.

The signing, after months of acrimony, avoids a government default that many economists said would be catastrophic to the economy.