WASHINGTON (WTVO) — The debt limit will be raised by $2.5 trillion, which extends into 2023.

The bill now goes to President Biden, which he is expected to sign. The debt ceiling is the maximum amount under law that the U.S. government can borrow to pay its bills. The U.S. Treasury had warned that the limit would be met on Wednesday.

Most experts agreed that a first-ever default would spark an economic disaster.