the WHITE HOUSEPresident Barack Obama

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The White House
Office of the Press Secretary
For Immediate Release

Statement by the Press Secretary on H.J. Res. 45

On Friday, February 12, 2010, the President signed into law:

H.J. Res. 45, the Statutory Pay-As-You-Go Act of 2010, which increases the public debt limit from $12.394 trillion to $14.294 trillion; and establishes a statutory Pay-As-You-Go procedure requiring that new non-emergency legislation affecting tax revenue or mandatory spending not increase the Federal deficit.