President
Barack Obama signed legislation on Saturday that raises the U.S. debt
limit through March 2015, taking the politically volatile issue off the
table with congressional elections coming up this November.
Without an increase in the statutory debt limit, the U.S. government would have soon defaulted on some of its obligations and would have had to shut down some programs, an historic event that would have caused severe market turmoil.
On a long holiday weekend in a desert resort area in southern California, Obama put his signature on the legislation without fanfare, while behind closed doors at the Sunnylands retreat.
Source and full story: Reuters, 15 February 2014
Without an increase in the statutory debt limit, the U.S. government would have soon defaulted on some of its obligations and would have had to shut down some programs, an historic event that would have caused severe market turmoil.
On a long holiday weekend in a desert resort area in southern California, Obama put his signature on the legislation without fanfare, while behind closed doors at the Sunnylands retreat.
Source and full story: Reuters, 15 February 2014
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