Obama signs U.S. debt limit increase into law

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WASHINGTON | Mon Dec 28, 2009 4:46pm EST

WASHINGTON (Reuters) - President Barack Obama on Monday signed into law an increase in the U.S. national debt limit to $12.4 trillion, the White House said in a statement.

Congress approved an increase in the debt limit from $12.1 trillion on Thursday, winning two more months of funding for a record U.S. deficit as Obama tries to stimulate economic growth after the country's worst recession in 70 years.

Critics say Democrat Obama is making the deficit worse, but the White House blames the recession and unfunded cuts in taxes and prescription drug aid, which were all inherited from his Republican predecessor George W. Bush.

The U.S. government posted a record $1.4 trillion deficit in the fiscal year ended September 30 and is on track during the current fiscal year to spend at least $1 trillion more than it collects.

The debt has more than doubled since 2001, thanks to wars in Iraq and Afghanistan, tax cuts and the recession, which has caused tax revenues to plunge and safety-net spending to rise.

(Reporting by Alister Bull; Editing by Will Dunham)
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Barack Obama
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Comments (3)
1rdp wrote:
can anyone in the white house see the truth let alone tell it. blame someone and then shut up, seem’s to be the game here. and stop with the prescription drug stuff we know what you want health care that you and your house and senate dont have to partake in but you can force on the american people, Here is a news flash for you we dont want you any where near our health care!! NOT ONE OF YOU WASHINGTON ELITE So stop trying to scare us with the lies, we get it good enough for us but NOT FOR YOU AND YOURS

Dec 28, 2009 9:34pm EST  --  Report as abuse
dugsmith wrote:
Our addiction to debt is like our Civil-war addiction to slavery. What will it take for us to break free from it? Check this out:

http://www.truthsavvy.com/content/americas-addiction-debt-its-civil-war-era-addiction-slavery

Dec 29, 2009 9:55pm EST  --  Report as abuse
dugsmith wrote:
Or, maybe this link will work: America’s addiction to debt is like it’s Civil War addiction to slavery

Dec 29, 2009 9:57pm EST  --  Report as abuse
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