Obama signs debt-ceiling bill

President Obama signed a bill Monday night suspending the federal debt ceiling, a measure that will allow the government to temporarily avoid default until August.

But the bill foreshadows another tough budget battle to come.The legislation will allow the government to borrow around $450 billion to meet interest payments and continue distributing government salaries and benefits, including Social Security. But with the suspension set to expire in mere months, the president and congressional Republicans are likely to again engage in a high-stakes negotiations over the government’s budget and borrowing abilities. …

The president, who signed the bill shortly after returning from Minneapolis, has praised the legislation as a positive step toward an eventual debt deal. Obama has also called for a larger debt deal that would reduce health care spending and close certain tax loopholes and deductions.