Barack Obama signs bill averting government default

The legislation temporarily suspends the $16.4 trillion limit on federal borrowing
AP Mail Me
Comment E-mail Print Share
First Published: Tue, Feb 05 2013. 11 23 AM IST
The Senate gave the bill final approval last week and sent it to Barack Obama, who signed it on Monday. Photo: Reuters
The Senate gave the bill final approval last week and sent it to Barack Obama, who signed it on Monday. Photo: Reuters
Washington: US President Barack Obama has signed into law a bill raising the federal government’s borrowing limit, averting a default and delaying the next clash over the US 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 on Monday. 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 Republicans in the House of Representatives that temporarily withholds lawmakers’ pay in either chamber that fails to produce a budget plan.
Comment E-mail Print Share
First Published: Tue, Feb 05 2013. 11 23 AM IST
blog comments powered by Disqus
  • Thu, Dec 18 2014. 01 13 AM
  • Wed, Dec 10 2014. 05 37 PM
Subscribe |  Contact Us  |  mint Code  |  Privacy policy  |  Terms of Use  |  Advertising  |  Mint Apps  |  About HT Media  |  Jobs
Contact Us
Copyright © 2014 HT Media All Rights Reserved