Obama Signs Budget To Lift Threat Of Default

President Barack Obama has signed into law a two-year budget deal that averts a potentially catastrophic national default.

In a brief signing ceremony in the Oval Office on Monday, the President said the measure puts the government "on a responsible path".

Mr Obama's signature on the deal comes a day before the US would have defaulted on its financial obligations.

The Senate passed the bill by a 64-35 margin on Friday despite opposition from some conservatives in Congress who blasted its "excessive" spending.

The measure raises the government debt ceiling until March 2017 and eases spending caps through the 2017 fiscal year by providing $80bn more for military and domestic programmes.

The timing pushes any reconsideration of the budget until after the 2016 presidential election.

Negotiations wrapped up quickly last week as retiring House Speaker John Boehner looked to secure a budget deal before handing the leadership reins over to Paul Ryan.