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.