Obama Signs Law Raising Debt Limit, Creating Statutory PAYGO

Posted February 12, 2010 at 2:27pm

President Barack Obama on Friday signed into law an increase in the debt limit and mandatory pay-as-you-go budget rules for Congress.

The new law increases the debt limit from $12.394 trillion to $14.294 trillion. It also establishes statutory PAYGO rules for the House and Senate, which require that new, non-emergency legislation affecting tax revenue or mandatory spending may not increase the deficit.