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Default avoided as Obama signs bill to up borrowing

AP
February 6, 2013, 12:03 am TWN

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WASHINGTON--U.S. 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 U.S. debt until later this year.

The legislation signed Monday temporarily suspends the US$16.4 trillion limit on federal borrowing. Experts say that will allow the government to borrow about US$450 billion to meet interest payments and other obligations.

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.

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