Debt ceiling raised as Biden signs bill.

President Biden signed a bill to raise the debt ceiling into 2025, which includes agreements on spending caps, claws back unused COVID-19 relief funds, adds work requirements for certain individuals getting government assistance, and rescinds some of the funding provided to the IRS in last year’s Inflation Reduction Act. The bill was passed with bipartisan support in both the Senate and the House. The legislation was the product of weeks of negotiations between Biden and Speaker Kevin McCarthy (R-Calif.) and their respective teams.