US President George W. Bush has signed a legislation raising the US debt ceiling by US$800 billion, allowing the US government to borrow more money to cover the soaring spending.

The decision on raising the government's debt ceiling was approved with a vote of 52 to 44 in the Senate on Wednesday and passed the US House of Representative on Thursday.

It was the third increase of US government's debt ceiling since President Bush took office nearly four years ago.

The federal deficit of the US government surged to a record high of US$413 billion in fiscal year of 2004.

(CRI.com, November 20, 2004)