News Daily Spot: Obama signed budget law preventing bankruptcy in US

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Obama signed budget law preventing bankruptcy in US

US President Barack Obama today signed the budget bill passed in Congress last week and avoid the threat of bankruptcy with increasing debt ceiling until March 2017.


Obama signed the text in the Oval Office before leaving for Newark (New Jersey), where he plans to announce new measures aimed at improving the reintegration of express through scholarships and vocational training opportunities.

Without this law, the federal government risked bankruptcy filing from Tuesday.

"There is no better Christmas gift for the American people," Obama said of the law, remarking that offers "stability" to the country in a time of economic "weakness" in other nations around the world.
The law, which provides funding to the Government for the next two years, received the approval of the Senate in a vote in the early hours of last Friday, after approval in the House of Representatives two days earlier.

The new budget was approved with the support of Democrats, now the minority in both houses, and the rejection of much of the Republicans who control Congress.

Along with the increased debt ceiling, the law also provides for an increase in domestic and military spending 80,000 million dollars while establishing long-term cuts in social programs like Medicare health care for the elderly, benefits disability and social security.

Said Tuesday Obama, with this law the country is "free of the cycle of threats" government shutdown and that a situation such as that experienced in October 2013 to be repeated, when the administration was partially paralyzed for weeks by the lack of a budget deal.

The president congratulated the Democratic and Republican leaders in Congress and noted that this law is a "sign of how Washington should work."

Also, Obama again called on Congress to continue working in approving spending bills to "invest in the priorities of the US," above "ideological provisions have no place in the budget process"

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