Tuesday, 05 February 2013 02:55
Obama signs bill averting government default
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.
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.
Published in
National News
Latest News
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
Illinois to create state-run health care exchange
SPRINGFIELD, Ill. (AP) - The Illinois Senate has approved a measure that would create a state-governed "insurance exchange" so individuals and small businesses can shop for health ...
IL lawmakers approved ban on using cell phones while dr…
SPRINGFIELD, Ill. (AP) - The Illinois Senate has approved a plan that would ban the use of cell phones while driving. Senators voted 34-20 Thursday, sending the bill to Gov. Pat Q...
Police release photo of gas station robbery suspect
Police are asking for help to find the suspects who robbed a Cahokia gas station overnight. The Midwest Petroleum convenience store was robbed around 2:30 AM. Three suspects smash...
Attorney says pot penalties being misapplied in Columbi…
COLUMBIA, Mo. (AP) - A Columbia lawyer says a local ordinance that treats marijuana possession as a municipal violation isn't being followed by Boone County sheriff's deputies patr...
Police arrest man for shooting into South St. Louis hom…
A suspect is in custody after allegedly shooting into a South St. Louis home. Police were on the scene when they saw the suspect fire several shots into a home near the intersecti...
AP: Man driving van during fatal wreck had suspended li…
ST. LOUIS (AP) - Public records show a New Jersey man behind the wheel of a van that overturned on an Illinois freeway, killing five passengers, had his driving privileges suspende...
Two carnival workers involved in fight
TROY, Mo. (AP) - One carnival worker is badly injured and another in jail following an altercation in eastern Missouri. The St. Louis Post-Dispatch reports that 25-year-old Clint ...
Air force jet clips power lines in western Missouri
WARRENSBURG, Mo. (AP) - A low-flying military jet from a western Missouri Air Force base clipped several power lines, but officials said no injuries were reported. The Springfield...
