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Obama Signs Debt Extension Into Law

August 3, 2011 by  

President Obama recently signed a debt extension law.On Tuesday, President Barack Obama signed a bill that will raise the debt ceiling.

The agreement, which passed through the House on Monday and the Senate on Tuesday, will incrementally raise the debt ceiling a total of $2.4 trillion. It also calls for $917 billion in immediate spending caps, with an additional $1.5 trillion in cuts or revenue to be recommended by a 12-member committee by year’s end, according to The Washington Times.

Senate Minority Leader Mitch McConnell (R-Ky.) said that the law and the debt ceiling debate as a whole show that the Federal government will have to take responsibility for its spending.

“Never again will any President from either party be allowed to raise the debt ceiling without being held accountable for it by the American people,” the Senator said.

While Moody’s Investor Service did not downgrade America’s perfect AAA credit rating, it added a “negative” warning, according to the newspaper.

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