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Obama Signs 2-Year Debt Limit Suspension Bill

BudgetPresident Barack Obama signed a bipartisan budget deal Monday that suspends the debt limit through March 2017 and increases spending levels by $80 billion until September 2017, The Hill reported Monday.

Jordan Fabian writes the signed budget plan comes a day before the Tuesday deadline to avoid a federal default on debt.

“Democrats and Republicans came together to set up a responsible, long-term budget process, and what we now see is a budget that reflects our values, that grows our economy, creates jobs [and] keeps America safe,” Obama said.

David Jackson also reports on USA Today that the bill would prevent possible government shutdowns in the next two years.

Departing House Speaker John Boehner (R-Ohio) moved to propose the budget plan to prevent a breach in the debt limit, which he said could affect the country’s credit rating, according to the report.

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