Obama signs clean debt hike

President Obama on Saturday signed into law the bill raising the nation's debt ceiling.

Obama signed the bill in California, where he is staying for the weekend before a trip to Mexico next week. A White House aide told CBS News that the bills were flown to Palm Springs, Calif. for Obama to sign.

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The debt bill approved by Congress this week suspends the debt ceilng until March 15, 2015. Surplus spending between now and then will be added to the nation's $17.2 trillion debt.

Hundreds of billions of dollars in spending are likely to be added in the next year.

Obama demanded that Congress approve a clean debt hike, and House Republicans accomodated him after being unable to agree on any provisions to add to the bill.

Both parties wanted to avoid an extended fiscal fight, but GOP leaders were especially wary of the battle ahead of the midterm elections. The GOP's approval ratings were sunk last year after the government shutdown.

On Wednesday, the Senate passed the bill in a party-line vote, but only after a 67-31 procedural vote in which Senate GOP Leader Mitch McConnell (Ky.) cast a key vote.