Obama approves raising the US debt level

US President Barack Obama smiles after making remarks on regulatory reform in the East Room at the White House in Washington.

US President Barack Obama signed legislation to raise the public debt ceiling until March 2015.

From today, the US government can borrow money till that date. The decision relieves the US authorities from the default on existing debt at the end of this month.

The decision was supported by 221 member of House of Representatives and 55 Senators - against 201 and 43, respectively.

Adoption of the law will help to avoid the budget crisis similar to what almost happened in October last year. Then, Republicans refusal to vote for an increase of the US debt limit, resulted in two-weeks closure of some government agencies and initiation of an indefinite unpaid leave for about a third of civil servants.

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