Obama signs debt bill but hardly happy with deal

WASHINGTON: President Barack Obama signed emergency debt-limit legislation to avoid an unprecedented national default that he said would have devastated the U.S. economy, closing out months of rancorous debate that nearly paralyzed Washington.

Just hours before a midnight deadline, Obama signed the bill that begins the process of curbing the country's spiraling debt and avoids a default by increasing America's $14.3 trillion cap on borrowing. Obama signed the legislation into law shortly after the Senate passed it Tuesday. The House of Representatives approved the legislation Sunday night.