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 This material may not be published, broadcast, rewritten or redistributed.)

  • 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.