Obama signs bipartisan debt ceiling bill into law

08:29, August 03, 2011      

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Photo released by the White House shows U.S. President Barack Obama signing 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, at the White House in Washington, the United States, Aug. 2, 2011. (Xinhua)

U.S. 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 U.S. 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 U.S. dollars over the next decade, setting up a powerful new congressional bipartisan committee to find new ways on deficit cutting, and raising the U.S. borrowing limit through 2013.

Source:Xinhua
 
 
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