Obama signs US debt ceiling bill into law
President Barack Obama signed a bill into law that allowed the U.S. Government to avoid default on its existing debt. The bill was passed by the Senate by a 74 to 26 margin and with a stipulated $2.1 trillion in cuts to be made in the future. The bill raises the government's borrowing limit by $2.4 trillion though neither the spending cuts nor lack of a default could be sufficient to avoid a possible downgrade of the prized U.S. AAA rating.