Obama signs bill to raise US debt ceiling
Posted August 2, 2011 11:23 am.
This article is more than 5 years old.
WASHINGTON, DC (NEWS1130) – President Barack Obama has signed the emergency bill that helped the country avert its first-ever government default. The Senate passed a vote earlier today, just 12 hours before the country was set to reach its debt limit. The vote was 74-26.
Last night, the legislation was approved by the House by a 269-161 vote. It passed with the support of 174 Republicans and 95 Democrats.
The new bill bumps up its borrowing limit, increasing it by at least $2 trillion. It also cuts spending by $1 trillion, spread out over the next 10 years, and establishes a process to identify another $1.5 trillion in cuts to the deficit.
President Obama says the emergency bill is just the first step to ensure the country lives within its budget. He says lawmakers need to find a balanced approach at reducing the deficit that includes adjustments to Medicare and reforming the tax code so the rich pay more.
“Growing the economy isn’t just about cutting spending, it’s not about rolling back regulations to protect our air, and water and keep our people safe. That’s not how we’re going to get past this recession. We’re going to have to do more than that. And that’s why when Congress gets back from recess I will urge them to immediately take some steps,” says Obama.
