Economy
Obama signs bill to raise US debt ceiling
Updated: 2011-08-03 06:29
(Xinhua)
WASHINGTON - US President Barack Obama Tuesday afternoon signed a bipartisan bill of raising the nation's debt limit into law, ending the month-long perilous stalemate and averting a potentially catastrophic debt default risk.
Obama signed the bill into law less than two hours after the measure cleared the US Senate with a vote of 74 to 26.
Obama announced Sunday night that he had reached a last-ditch debt ceiling deal with Republican and Democratic congressional leaders.
The plan aimed at slashing deficit for more than 2 trillion US dollars over the next decade, setting up a powerful new congressional bipartisan committee to find new ways on deficit cutting, and raising the US borrowing limit through 2013.
![](../../tplimages/34369.files/facebook.jpg)
Specials
![](../../attachement/jpg/site1/20110728/0013729e4a600f9adf701b.jpg)
Carrier set for maiden voyage
China is refitting an obsolete aircraft carrier bought from Ukraine for research and training purposes.
Photo
Video
![](../../attachement/jpg/site241/20110729/bc305b9c61310f9c7ae336.jpg)
Pulling heart strings
The 5,000-year-old guqin holds a special place for both european and Chinese music lovers
![](../../attachement/jpg/site241/20110729/bc305b9c61310f9c77422d.jpg)
Fit to a tea
Sixth-generation member of tea family brews up new ideas to modernize a time-honored business