US President Joe Biden signed a bill into law Thursday to raise the country's debt limit, avoiding the first American government default in history.

"Members of both parties came together to ensure that the federal government doesn’t default on past debts," Biden wrote on his official Twitter account, POTUS. "Defaulting would be a catastrophe for our economy, and it’s a responsibility of governing to make sure we pay what we owe."

The debt limit is now around $31.4 trillion after it was raised $2.5 trillion, and it will finance the government’s debt obligations through 2023, including the 2022 mid-term elections.

After the Senate passed the measure in a 50-49 vote Wednesday, the House of Representatives approved the legislation in a 221-209 vote.

The measure came less than one day before the government was expected to reach its ceiling on Dec. 15 -- a date Treasury Secretary Janet Yellen warned lawmakers repeatedly about in recent months./agencies