Bush signs debt limit increase to $8.965 trillion

CLEVELAND, Mar 20 (Reuters) President George W Bush on Monday signed into law a 1 billion increase in US borrowing authority, making the Treasury Department's new debt limit .965 trillion, White House spokesman Scott McClellan said.

Last week, the Senate approved the increase in borrowing authority requested by the Treasury Department to avoid a government default. The U.S. House of Representatives approved the legislation nearly a year ago.

Bush was in Cleveland delivering a speech on Iraq on the third anniversary of the U.S.-led war.

REUTERS VJ RAI0032