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 This material may not be published, broadcast, rewritten or redistributed.)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)


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  • Hayduke wrote...
    C"mon Man and XCOP: Let me bring you up to speed with a little civics 101:
    January 31, 2013 8:32 pm
    Budgets come out of the HOUSE. Not the Senate, and not from Obama, YOUR President. The HOUSE.

    And let's see, who's the majority in the House these days? Thanks to their gerrymandering after the last census, it's STILL the Teapublicans. Yeah, that's right. You clowns run the House.

    Is it any wonder Congress has the lowest approval rating in history?

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • SickofSeattleite wrote...
    When Obama and the senate brake the law
    February 1, 2013 5:42 am
    there are no consequences. A budget is supposed to be brought forth each year by law! The Obama Admin has not done this at all in the last 4 years. The Spendocrats are out of control! There will be another collapse in our economy due to the current administrations ineptrocracy!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • HPD 5-0 wrote...
    Owebma spends more.
    February 4, 2013 4:19 pm
    How do you say "can I borrow more?" in Chinese?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • CH wrote...
    How do you say "can I borrow more?" in Chinese?
    February 4, 2013 7:22 pm
    ask your wife.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }