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Obama Signs Law Raising Debt Limit, Creating Statutory PAYGO

President Barack Obama on Friday signed into law an increase in the debt limit and mandatory pay-as-you-go budget rules for Congress.

The new law increases the debt limit from $12.394 trillion to $14.294 trillion. It also establishes statutory PAYGO rules for the House and Senate, which require that new, non-emergency legislation affecting tax revenue or mandatory spending may not increase the deficit.

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