Obama Signs Debt-Limit Plan

Measure raises debt ceiling through 2013, promises $2.4 trln in cuts.

President Barack Obama signed a debt-limit compromise that prevents a U.S. default on the day the Treasury had warned the nation’s borrowing authority would expire, according to spokesman Jay Carney.

The Senate earlier today voted 74-26 for the measure, which raises the nation’s debt ceiling until 2013 and threatens automatic spending cuts to enforce $2.4 trillion in spending reductions over the next 10 years. It won backing from 45 Democrats, 28 Republicans and one independent. The House passed the plan yesterday.

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