Obama signs bill allowing more US debt
(AP) — President Barack Obama has signed legislation lifting the cap on government borrowing to $14.3 trillion.
The new law also puts in place new budget rules to curb growing annual deficits. Known as "paygo" — for "pay as you go" — the rules require future spending increases or tax cuts to be paid for with tax increases or other spending cuts.
If the rules are broken, the White House budget office would force automatic cuts in programs like Medicare and farm subsidies. Most other benefit programs, including Medicaid, Social Security and food stamps, would be exempt.
The debt limit was increased from $12.4 trillion to keep the U.S. from going into default.
Obama signed the bill privately Friday at the White House.
Sarra Sounds Off, Ep. 17: Olympics a possibility for Long Beach wrestler? On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra talks with Long Beach wrestler Dunia Sibomana-Rodriguez about pursuing a third state title and possibly competing in the Olympics in 2028, plus Jared Valluzzi has the plays of the week.
Sarra Sounds Off, Ep. 17: Olympics a possibility for Long Beach wrestler? On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra talks with Long Beach wrestler Dunia Sibomana-Rodriguez about pursuing a third state title and possibly competing in the Olympics in 2028, plus Jared Valluzzi has the plays of the week.
