Today, the United States Senate approved the compromise bill that passed the House yesterday. The bill, which raises the debt ceiling and reduces the deficit, will now be passed to President Barack Obama to be signed into law.
“The U.S. Senate has passed the compromise debt plan worked out between Congressional leaders and the White House. 60 votes were needed to pass it and the vote was 74-26. The bill goes to the President next and he’s expected to sign it before the midnight deadline to raise the debt ceiling,” read an article on C-SPAN.org.
According to the article, the measure will raise the debt limit in increments until 2013. It will also reduce the Federal budget by about $2.1 trillion over the course of 10 years, through two steps. First, the bill immediately caps some spending. In addition, the bill mandates the creation of a bipartisan, bicameral committee, which “would be tasked with recommending where about $1.2 trillion of that deficit reduction should come from — in spending cuts or revenue.”
The President gave brief remarks from the White House Rose Garden just after the Senate vote, calling the deal’s passage “an important first step to ensure that the nation can live within our means.”
Obama also said that his focus will shift now to matters beyond Washington, like “new jobs,” “higher wages” and “faster economic growth.”
“Both parties need to take responsibility for improving this economy,” Obama said, expressing his displeasure with length of time it took to reach a deal. He said making Congress cooperate “shouldn’t take the risk of default, the risk of economic catastrophe.”
“We’ve got to do everything in our power to grow this economy and put this country back to work,” he said.
UPDATE: During a press briefing, White House Press Secretary Jay Carney was handed a note, then announced, “The president has signed the bill and turned it into law.”