NBC News: President Biden signs bipartisan debt ceiling bill to avoid government default

President Joe Biden has signed a bill into law on Saturday extending the debt ceiling for two years in order to avoid a national debt default ahead of Monday's deadline.

According to NBC News, the president says had the U.S. failed to reach an agreement, the country would have defaulted for the first time in its history.

NBC News reports that the bipartisan legislation passed 63-36 in the Senate and 314 to 117 in the House with 139 Republicans joining 165 Democrats in favor of the agreement.

According to NBC News, the legislation caps spending for the next two years and contains measures to claw back about $28 billion in unspent COVID-19 relief funds, as well as eliminating $1.4 billion in IRS funding and shifting some IRS funding to nondefense funding.

NBC News reports the legislation also restarts federal student loan payments after a pause that began at the start of the COVID-19 pandemic and adds work requirements for people up to age 55 to get SNAP benefits.