Debt ceiling up

President Barack Obama late on Monday signed into law an increase in the US national debt limit to $12.4 trillion.

Congress approved an increase from $12.1 trillion on Thursday, winning two more months of funding for a record US deficit as Obama tries to stimulate economic growth after the country's worst recession in 70 years.

Critics say Obama is making the deficit worse, but he blames the recession and unfunded cuts in taxes and prescription drug aid, which were all inherited from his predecessor George W. Bush. The US government posted a record $1.4 trillion deficit in the fiscal year ended Sept 30 and is on track during the current fiscal year to spend at least $1 trillion more than it collects.