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Obama signs bill raising debt ceiling into law

Associated Press
President Obama signed Friday legislation that raises the cap on government borrowing to $14.3 trillion to keep the United States from going into default.

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.

Obama signed the bill privately Friday at the White House.

By Post Editor  |  February 12, 2010; 3:49 PM ET
Categories:  44 The Obama Presidency  
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Bush made Oboma sign the bill...all the way from Texas via remote control.

Posted by: JCM-51 | February 12, 2010 7:54 PM | Report abuse

Where were you people when Bush didn't pay for his two wars? Well, guess what? We are paying for them now!! THAT is why we have to raise the debt ceiling because Chimp in Chief played war but stole the soldiers from the toy star. Now the toy store is looking for payment AND interest.
You people surely must have been under a rock for the last eight years to not know that.

Posted by: phorse | February 12, 2010 7:25 PM | Report abuse

So, paygo allows them to match this year's bloated budget and the corresponding deficits for years to come. They can go higher as soon as they raise taxes.

Around 40% of Obama's budget is not paid for (deficit). Quick, lock in that rate.

Posted by: kitchendragon50 | February 12, 2010 6:11 PM | Report abuse

Where is OBAMA'S HEAD?? Does he not know what to do on JOBS??
1) How far will $15 B go?
2) He spends his time on a health care bill that the majority of Americans do not want!
3) He hints that he may now tax those making under 250K per year -- FLIP FLOP MASTER!!


Posted by: wheeljc | February 12, 2010 5:42 PM | Report abuse

If Obama is going too cut spending as promised.

Then why the need to raise the debt ceiling ?

Obama, and the democratic party of progressive Marxist, are lying snakes.

Posted by: dashriprock | February 12, 2010 5:42 PM | Report abuse

Barry the incompetent boob Obama tops it off with his bloated $3.8 trillion tax and spend boondoggle better known as next year's federal budget.

Posted by: screwjob2 | February 12, 2010 4:52 PM | Report abuse

Thanks Odumba!!!

"I pledge allegiance to the nation of China, in debt we trust!"

Posted by: WildBill1 | February 12, 2010 4:42 PM | Report abuse

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