US President Joe Biden signed a bill yesterday to raise the national debt limit by $2.5 trillion to $31.4 trillion, according to a statement released by the White House.

The bill was previously approved by the U.S. Senate.There were 221 members of the U.S. House of Representatives in favor of raising the national debt limit, which will allow the issue not to be revisited before congressional elections next fall, and 209 against.

Earlier, 50 senators voted for it, against – 49. Earlier, U.S. Finance Minister Janet Yellen said that if the limit is not raised by December 15, the country will default.