President Obama Signs Debt Deal as Next Fight Looms

Aug. 2, 2011
Hours before the U.S. faced a first-ever default, President Obama signed into law a compromise deal that averts a crisis by raising the debt limit, but signaled that he will not abandon his stalled efforts to raise taxes on the wealthy.

“It’s an important first step to ensuring that as a nation we live within our means, yet it also allows us to keep making key investments in things like education and research that lead to new jobs and assures that we’re not cutting too abruptly while the economy’s still fragile,” Obama said in a statement from the White House Rose Garden before signing the bill.

Moments before his remarks, senators voted 74 to 26 to pass the Budget Control Act, the last hurdle for the controversial measure that was first approved by the House Monday night, making a $2.4 trillion down-payment on the federal deficit over the next 10 years.

Obama’s signature ends a bruising Washington-made crisis that has gripped the country and lifts what the administration has called a “cloud of uncertainty hanging over the economy.”

By DEVIN DWYER (@devindwyer) and SUNLEN MILLER (@sunlenmiller)

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