President Joe Biden signed a debt ceiling bill on Thursday raising the nation’s borrowing limit by $2.5 trillion, which is expected to cover the federal government’s expenses until 2023.

The move averts a historic debt default which would have triggered a recession, according to Treasury Secretary Janet Yellen.

Yellen had previously warned Congress the legislation could be passed no later than Dec. 15.

The bill passed the Senate 50-49 and the House by a vote of 221-209 with Rep. Adam Kinzinger, R- Ill., being the only Republican to break ranks and side with the Democrats.

The bill was passed after both parties reached an agreement to avoid the filibuster and allow Democrats to fast track the bill to the president’s desk with a majority vote.

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