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
St. Charles City Council hears both sides of smoking ba…
St. Charles City is one step closer to crafting a smoking ban of some sorts. The question is whether there will be any exemptions. The city heard input from citizens Monday ni...
Injuries pile up in wake of Oklahoma tornado
OKLAHOMA CITY (AP) — Officials at two hospitals say they're treating nearly 60 patients, including more than a dozen children, after a massive tornado hit suburban Oklahoma City. ...
Missouri Senator could call new session
JEFFERSON CITY, Mo. (AP) - Missouri's legislative session is over, but the work may continue for some lawmakers. Senate President Pro Tem Tom Dempsey says he is considering appoin...
Crews search for man who fell into Mississippi River
The search continues for a man in the Mississippi River. Police say two men were in a car that was parked near the Merchants Bridge in north St. Louis when it started to roll. The...
Huge tornado rips across Moore, OK
MOORE, Okla. (AP) - Neighborhoods are flattened and buildings are on fire after a mile-wide tornado moved through the Oklahoma City area. Television footage on Monday afternoon s...
Violence, crime prevention program expands to St. Louis…
St. Louis ciyy and county police are launching a new program that targets violence in high-crime areas. The "St. Louis Initiative to Reduce Violence" or "SIRV" was announced this ...
Scientists say New Madrid could be due for large earthq…
It has been over two hundred years since the powerful New Madrid earthquakes. Scientists now say that lull could end in the not-too-distant future. They expect a the fault to unle...
MO legislative session over, but work may continue
JEFFERSON CITY, Mo. (AP) - Missouri's legislative session is over, but the work may continue for some lawmakers. Senate President Pro Tem Tom Dempsey says he is considering appoin...
