RANCHO MIRAGE, Calif. (AP) — President Barack Obama on Saturday signed separate measures into law to lift the federal debt limit and restore benefits that had been cut for younger military retirees.
Obama signed the bills during a weekend golf vacation in Southern California.
The debt limit measure allows the government to borrow money to pay its bills, such as Social Security benefits and federal salaries. Failure to pass the measure, which the Senate passed 67-31 earlier this week and sent to Obama for his signature, most likely would have sent the stock market into a nosedive.
The Treasury Department is now free to borrow regularly through March 15, 2015, meaning lawmakers won’t have to revisit the issue until a new Congress is sworn in after the November elections.
Separate legislation passed in December would have held annual cost-of-living increases for veterans age 62 and younger to 1 percentage point below the rate of inflation, beginning in 2015. The measure was designed to hold the line on the soaring cost of government benefit programs, which have largely escaped trillions of dollars in deficit cuts over the past three years.
The cuts were enacted less than two months ago, with a projected savings to the government of $7 billion over a decade. Veterans groups and some lawmakers said the cut was a mistake, and they began campaigning to have the benefits restored.
The pensions go to veterans who retire after 20 years of service, regardless of their age. Nearly 2 million retirees currently are eligible, including about 840,000 under age 62, according to the Pentagon.
For a sergeant first class who leaves the service at age 42 after two decades, the bill passed in December would have meant an estimated $72,000 in reduced pension payments.
Quick action by lawmakers on this year’s debt limit bill stands in contrast to lengthy showdowns in 2012 and last fall, when Republicans sought to use the must-pass bill as leverage to win concessions from Obama. They succeeded in 2011, winning about $2 trillion in spending cuts. But Obama has been unwilling to negotiate over the debt limit since his re-election in 2012.
The bill he signed Saturday is the third consecutive debt measure to pass Congress without concessions from the White House.
Republicans also have been less confrontational since a 16-day partial government shutdown last October sent the party’s poll numbers skidding.
Both bills were flown out to Obama in California late Friday night, a White House aide said.
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This Week’s Celebrity Instagrams (10/15-10/21)
31 photos Launch gallery
1. Just a NY girl with BIG dreams....
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2. HAPPY CHILDREN=QUALITY PARENTING. We don't always see eye to eye on everything and that's normal. We're human beings. But we come together and do it right for what's important, the kids. We are not enemies, we are parents. And we are parents 1st. S/O to @monyettashaw for making Mason's bday memorable. S/O to @itscrystalsmith at home taking care of our other lil' Prince. ❤️❤️❤️ THIS IS WHAT CO-PARENTING LOOKS LIKE. #Blessed #Happy #AboveTheDrama #BiggerThanUs
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3. So happy to finally be able to share with you all that I’m the new Global Brand Ambassador for @Revlon! Follow my day on RevlonSnaps. Yay! Choose Love, Everybody! #RevlonXCiara #chooselove #ad
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4. Glam on point!!!@makeupbymotoko & @shaylinjoneshair #easybreezy @lifetimetv #beachesmovie #january2017 😘
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5. ✨True love ✨📸: @jessiemarrerophotography
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7. Today was not easy..but by the grace of God we all got through it. Words cannot express our gratitude for all of your Prayers, Positive thoughts and Support for us throughout the years. Tommy will be missed but most certainly never forgotten...And PLEASE don't ask "Where's Martin?.." he was there too...just not in this picture. Lol! God bless you all.. #LoveConquersAll #MartinShow
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9. West coast get ready for #RockyHorror. I will be live tweeting again. #letsdothetimewarpagain
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10. #THEKEYS pre order yours now ... Available everywhere #NOV22 #WeTheBest 🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑
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11. We about to ROCK at #KCABlackBall!! All for our life-changing effort to end 🌎 AIDS.
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12. Today's #SNAPJACK is brought to you by @yazzthegreatest 😂😂😂💋💋💋
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13. Damn girl you kinda old to be headed to the Go Go. You coming in at the age they leaving. LMAO
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14. Daddy daycare B-Boxin with @acewellstucker @shopraisingace
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15. #FBF Naviyd & URV "LIL MONSTERS"
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16. HAPPY BIRTHDAY TO ONE OF THE BIGGEST LEGENDS IN OUR HIPHOP HISTORY! @snoopdogg CONTINUED BLESSING AND LOVE FAMILY!!!!! REAL OG!
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17. Thank you for a beautiful night VSU! Let's do it again! #HOMECOMING
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18. Had a great time this morning with my familia Erica, Griff & Truth!!
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19. Check out my interview on @essence facebook live. #inmyownwords #nycpromo #day2
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20. #She💋 #tbt #TheCoveAtTheAtlantis #DawgPawsAndAll
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21. Bae #retailtherapy
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22. Why me and @coryhardrict got the same pose... and notee... new mouth #naked
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23. When my husband is my personal 'hype-man'! it kills me every time! 💜😂 #WHATNOW #lostfiles📷
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24. Diggy Simmons
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25. Hand full of @jacquieaiche 💙💎💍 @esnail_la 💅🏾
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26. SuperSoulers! You can watch my interview with Carl Lentz live from my Facebook page, tomorrow at 11a ET| 8a PT. #SuperSoulSunday
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27. 💋 .. When the friendship is easy like Sunday morning. ☀️
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28. Sunday mornings are the best........... hugs and cuddles with my angel
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29. #huggar16 #hellohuggars
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30. My gym is everywhere!.. #RnBMoney #TheGeneral 📸: @twelvepastseven
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31. Nothing I would rather be doing... Rocko setting up our movie, Romelō working on a puzzle & Laiyah singing and sharing all she's learning at school... I'm so grateful for the joy they've brought into my life ... Praying for peace , joy & love in the home of EVERY family ♥️ #HeadScarfPJSunday LOL 😂
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