Obama signs bill that raises debt ceiling to $14.3 trillion

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President Obama has signed a bill into law that raises the federal debt limit to $14.3 trillion, the White House said Friday.

White House spokesman Robert Gibbs announced the signing, which had been expected. Without the $1.9-trillion increase, the government faced the possibility of defaulting on its bills.

The measure, approved by both chambers of Congress, also establishes a statutory pay-as-you-go procedure that requires that new nonemergency legislation affecting tax revenue or mandatory spending not increase the federal deficit.

-- Michael Muskal
twitter.com/LATimesmuskal