With the U.S. only days away from a potentially damaging default, President Joe Biden officially signed into a law a bill raising the country’s $31.4 trillion debt ceiling.

The pen stroke marks the denouement of a weeks-long drama in Washington that has had global markets nervously watching every twist and turn. The Treasury Department had warned that the federal government could run out of money to pay its bills by June 5 if lawmakers failed to lift the debt limit.

Fraught negotiations between Biden and Republican House Speaker Kevin McCarthy resulted in legislation that managed to work its way through both chambers of Congress despite outspoken opposition from both hardline conservatives and progressives. The measure suspends the borrowing limit until 2025 and caps some government spending.