President signs bill averting government default

February 4, 2013 @ 5:55 pm


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WASHINGTON (AP) - President Barack Obama has signed into law a bill raising the government's borrowing limit, averting a default and delaying the next clash over the nation's debt until later this year.

The legislation temporarily suspends the $16.4 trillion limit on federal borrowing. Experts say that will allow the government to borrow about $450 billion to meet interest payments and other obligations.

The Senate gave the bill final approval last week and sent it to Obama, who signed it Monday shortly after returning from Minneapolis.

Democrats and Obama had warned that failure to pass the bill could set off financial panic and threaten the economic recovery.

The bill includes a provision attached by House Republicans that temporarily withholds lawmakers' pay in either chamber that fails to produce a budget plan.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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Comments (14)


  • Add A Comment

  • CH wrote...
    come on Boner the only can we are going kick is -
    January 18, 2013 5:48 pm
    yours!!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • CH wrote...
    like that yellow back bone!! -
    January 23, 2013 1:49 am
    you republicans must be proud of your Boner!! What happen to debt crisis? Add two more boards to the "fiscal cliff"! I guess Boner is a jellyfish? Skeletal system and brain is absent in jellyfish. Yuuup that's your Speaker!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Cbrew wrote...
    buying time....
    January 23, 2013 9:29 am
    I really think this is sad, Republicans are pushing the debt ceiling issue down the road because they know right now at this moment the American people rightfully blame the Republicans for not passing a budget in time... there is no support for Republicans, ANYWHERE, they are hoping to build that support before they fight over the debt ceiling... It's a politically motivated move that will not work... This Republican group in the house is the absolute worst group of legislatures in the history of this country. They will be voted out... there will be no Republican majorities... anywhere... The Tea Party politics that infected the Republican party has officially decimated them, there will be no Republican power in this country in 2 years. If the Republican party does not do a complete turn around and revamp of their politics the Republican party will die.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • CH wrote...
    best move the republican circus clowns made was -
    January 23, 2013 3:44 pm
    bring the tea party into their circus tent!! Talk about putting cow dung on your cake and eating it too!!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • longwayhome wrote...
    Where is mitch mcstupid?
    January 23, 2013 7:12 pm
    Haven't heard from that idiot is quite awhile. Rumor has it he is trying out for re runs of the Howdy Doody Show. He is the spitting image of the old Howdy himself. Hope he gets the job, he's looking for work after 2014, along with his butt buddy, boner.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • C"mon Man wrote...
    SML Harry"Dingy" Harry Reid
    January 23, 2013 9:25 pm
    No budget in four years,Why?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • HPD 5-0 wrote...
    Sure...let Barry and the Dims borrow MORE.
    January 31, 2013 11:40 am
    Brilliant!!!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • don over taxed wrote...
    Withhold Their Pay
    January 31, 2013 1:48 pm
    It doesn't say they will forfeit their pay if they don't pass a budget.....they will make sure they get their past pay, probably even with interest, at some point. Big deal
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • CH wrote...
    Wrongway, you have the maturity of a 6 year old.
    January 31, 2013 6:06 pm
    do you have a problem with young kids xkop? That's all you talk about. Moms beware xkop is running the streets with a bag of candy. Back to the name calling I see? You never stopped.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • CH wrote...
    Republican leader Mitch McConnell said in remarks on the Senate floor that "government spending is completely out of control
    January 31, 2013 6:14 pm
    so what do the republicans do - make the debt limit higher!! No balls republicans!!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }