Obama signs law to raise US borrowing

US President Barack Obama has signed into law a bill raising the government’s borrowing limit, averting a default and delaying the next clash over the nation’s debt until later this year.

The legislation temporarily suspends the $16.4 trillion (€12.1 trillion) limit on federal borrowing. Experts say that will allow the government to borrow about $450bn (€331bn) to meet interest payments and other obligations.