President Obama increases US debt limit

Mon Feb 15, 2010

BBC News

President Barack Obama has signed a law increasing the limit on how much the US government can borrow.

The debt limit was raised to $14.3 trillion (£9.1tn) from $12.4tn, and will allow the government to function for the rest of the year.

Mr Obama also approved legislation that requires new spending to be offset with cuts elsewhere.