President Obama signs increase in US debt ceiling

President Obama signs increase in US debt ceiling

US President Barack Obama signed legislation on Saturday that raises the country's debt limit through March 2015, taking the politically volatile issue off the table with congressional elections coming up this November, Reuters reports.

Without an increase in the statutory debt limit, the American 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, the news agency informs.

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