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President Barack Obama has signed legislation Tuesday to raise the U.S. debt ceiling,HP EliteBook 8440w WZ315UT, averting a potential government default only hours before the deadline.  The president called the bill an important first step toward fiscal responsibility.
US Debt Deal Compromise Leaves Many Unhappy Obama Announces Deal to Raise Debt Ceiling Obama Signs Compromise Debt Ceiling Bill
The president's signature on the legislation defuses what might have been a far-reaching crisis for the U.S. economy.
Minutes after the Senate passed the bill by a of vote of 74 to 26,Panasonic AG-HMC70, Obama told reporters at the White House that the process of reducing the government's deficit has begun.  
"This compromise guarantees more than $2 trillion in deficit reduction," said Obama.  "It is an important first step to insuring that,Panasonic AG HPX170, as a nation,Lenovo ThinkPad T410s 2904-GFU, we live within our means."
The new law immediately allowed the Treasury to borrow an additional $400 billion,JVC GZ-HD40, with more borrowing allowed later.  It is also intended to reduce the nation's $14.3 trillion deficit by at least $2.1 trillion over 10 years.  The House of Representatives passed the bill on Monday by a vote of 269 to 161,Sony HDR-AX2000, after weeks of intense debate.
Under the bill,HP EliteBook 8440P XT918UT, a bipartisan committee in Congress will work to find further savings in federal budgets.
The president said the agreement requires that both major political parties work together on a larger plan to cut the federal budget deficit,Samsung Series 9 NP900X3A, which he said is important for the long-term health of the U.S. economy.
Obama said that plan would need to include cuts to social programs - a move that many Democrats oppose - and higher taxes - which many Republicans reject.  Neither option was included in the compromise legislation.
"Yes,Sony HDR-TD10, that means making some adjustments to protect health care programs like Medicare, so they are there for future generations,Dell Alienware M15x," Obama added.  "It also means reforming our tax code, so that the wealthiest Americans and biggest corporations pay their fair share."
In addition,HP EliteBook 8740w, lawmakers will also consider a constitutional amendment requiring the government to balance its budget.
Republican Senator John Barrasso said such an amendment would prevent another debt crisis.
"The question is,Sony AX2000, 'Are we going to be living by the same rules that apply to every family,Apple MacBook Air Summer 2009, every small business and 49 states,Sony Z133GX/S Silver, which is,Panasonic AG HPX370, that they cannot spend more money than they have?'" asked Barrasso.
Obama angrily denounced lawmakers for allowing the debt debate to linger until hours before the default deadline.  He said a "manufactured crisis" in Washington has hurt the struggling U.S. economy.
"That was in our hands,Panasonic AJ HPX2000," Obama said.  "It is pretty likely that the uncertainty surrounding the raising of the debt ceiling, for both businesses and consumers,Sony PDW-700, has been unsettling and just one more impediment to the full recovery that we need.  And it was something that we could have avoided entirely."
The president said it should not take the risk of "economic catastrophe" to force lawmakers to work together and do their jobs.  He said the priority now is for Democrats and Republicans to focus on creating jobs and reviving the U.S. economy.
The top House Democrat, Minority Leader Nancy Pelosi,Panasonic AG HVX205A, agreed that lawmakers must immediately turn their attention to economic recovery.
"Yesterday we crossed a bridge,HP EliteBook 8740w XT910UT," said Pelosi.  "Enough talk about the debt.  We have to talk about jobs."
Obama called on Congress to pass numerous bills that he said would strengthen the economy,Canon Normal EF 50mm f/1.2L USM Autofocus Lens, including approving free trade agreements with Colombia,Canon EF 24-70mm f/2.8L USM Standard Zoom Lens, Panama and South Korea.
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US Senate Approves Debt Ceiling Bill
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Senators approve compromise measure worked out by Republican leaders,Apple Macbook Pro MC847LL/A, President Barack Obama


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