Obama Signs Bill Averting Government Default - 47 ABC - Delmarva's Choice

Obama Signs Bill Averting Government Default

Posted: Updated:

WASHINGTON D.C. - 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 This material may not be published, broadcast, rewritten or redistributed.)

  • Local NewsDelmarva HeadlinesMore>>

  • MD Flags Flown Half-Staff To Honor 2

    MD Flags Flown Half-Staff To Honor 2

    Thursday, April 24 2014 3:33 PM EDT2014-04-24 19:33:48 GMT
    ANNAPOLIS, Md. (AP) - Maryland's flag is flying at half-staff over the State House and at all Maryland Department of Natural Resources facilities to honor a former Maryland Department of Natural ResourcesMore >>
    ANNAPOLIS, Md. (AP) - Maryland's flag is flying at half-staff over the State House and at all Maryland Department of Natural Resources facilities to honor a former Maryland Department of Natural ResourcesMore >>
  • Information Sought On Somerset Co. Daytime Burglaries

    Information Sought On Somerset Co. Daytime Burglaries

    Thursday, April 24 2014 3:25 PM EDT2014-04-24 19:25:56 GMT
    SOMERSET CO., Md. - Police say they are investigating a series of day time burglaries in Somerset County. Maryland State Police - Princess Anne, say they have been looking into numerous residential dayMore >>
    SOMERSET CO., Md. - Police say they are investigating a series of day time burglaries in Somerset County.More >>
  • Fire On Main Street In Berlin Under Investigation

    Fire On Main Street In Berlin Under Investigation

    Thursday, April 24 2014 1:17 PM EDT2014-04-24 17:17:48 GMT
    BERLIN, Md. - A fire in Downtown Berlin, is under investigation. Officials say the blaze started just after 12:00 PM on Thursday, at SiCuli on Main Street, in a chimney and the wall connected to it. ItMore >>
    BERLIN, Md. - A fire in Downtown Berlin, is under investigation. Officials say the blaze started just after 12:00 PM on Thursday, at SiCuli on Main Street, in a chimney and the wall connected to it.More >>
  • ContestsMore>>

  • Spring Gas Giveaway

    Spring Gas Giveaway

    Let WMDT fill up your tank! It's time for our Spring Gas Giveaway! More >>
    Enter for your chance to win a $100 Exxon/Mobil Gas Card!More >>
  • Teacher Who Makes A Difference

    Teacher Who Makes A Difference

    The WMDT 47 Teachers Who Make a Difference Contest is Sponsored by Accurate Optical: "Encouraging children of all ages to come in for an annual eye exam to help them see better in school." Each month weMore >>
    The WMDT 47 "Teachers Who Make a Difference" Sponsored by Accurate Optical Encouraging children of all ages to come in for an annual eye exam to help them see better in school.More >>
Powered by WorldNow
Powered by WorldNow All content © Copyright 2000 - 2014 WorldNow and WMDT. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.