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President Barack Obama (Mark Wilson, Getty Images)
President Barack Obama (Mark Wilson, Getty Images)
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Obama Signs Bill Averting Government Default

President Barack Obama has signed into law a bill raising the government's borrowing limit, averting a default and delaying the next clash over the nation's debt until later this year.

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Congress Passes Bill to Extend Borrowing Authority

Congress has approved must-do legislation to permit the government to borrow hundreds of billions of dollars more to meet its obligations, averting a first-ever government default that had loomed as early as mid-February.

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Money Stack
Don Farrall, Getty Images
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U.S. Treasury Takes Steps to Avoid Borrowing Limit

The U.S. Treasury Department will begin taking steps this week to delay hitting the government's $16.4 trillion borrowing limit. Without those steps, the debt limit would be hit on Dec. 31.

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President Barack Obama
Chip Somodevilla, Getty Images
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White House to Seek Increase in Borrowing Limit

The Obama administration will ask Congress to raise the nation's borrowing limit by $1.2 trillion this week, marking the third and final increase from a deal negotiated over summer.

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