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Obama passes legislation to lift debt ceiling
[Iran Press TV] US President Barack ObamaI inhaled. That was the point... has passed legislation that suspends the nation's borrowing limit, averting a default and pushing debt talks until later in the year. Obama signed into law the new bill on Monday, which postpones the USD 16.4 trillion limit on federal borrowing until May 18 and at the same time urges lawmakers to adopt a budget resolution by April 2015. This comes while on May 19, the debt limit will be raised, allowing the government to have access to approximately USD 450 billion to avert a default. The Senate approved the bill last week after the Democratic members including Obama warned that failure to pass the bill would threaten economic recovery. Meanwhile, the US House of Representatives approved to lift the country's debt ceiling late last month, with the Republicans including a provision that temporarily denies lawmakers' pay if they fail to create a budget plan. As lawmakers avoided the fiscal cliff about a month ago, deep spending cuts are expected to hit the Pentagon and federal agencies on March 1. Posted by: Fred 2013-02-06 |
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