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President Joe Biden will sign a bill that raises the U.S. debt ceiling and imposes some spending limits “as soon as tomorrow,” White House press secretary Karine Jean-Pierre said Friday. The measure cleared the Senate late Thursday after passing the House of Representatives earlier in the week. Biden is scheduled to give an Oval Office address at 7 p.m. Eastern Friday about the bill. Treasury Secretary Janet Yellen has warned that the U.S. could default on its obligations by Monday if lawmakers did not act on the debt ceiling.
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