Obama signs debt bill into law
Published:Tuesday | August 2, 2011 | 4:48 PM
US President Barack Obama has signed legislation to increase America’s debt ceiling and avert a financial default.
The bill earlier cleared its final hurdle in the Senate with 74 votes for and 26 against.
Six Democrats and 19 Republicans were among those who objected.
Sixty votes were needed for the bill to be made into law.
The law raises the debt limit to $16.7 trillion s from $14.3 trillion and makes savings of at least $2.1 trillion in 10 years.
The signing of the law came roughly 10 hours before the deadline.
Without a deal to raise the debt ceiling, the US would have been unable to pay all its bills.
Speaking at the White House shortly after the decisive vote in the Senate, President Obama urged Congress to now look to boost the economy through measures to create jobs and increase consumer confidence.