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President Obama's statement on debt deal

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by CNN

Posted on $util.date("MMMM d, yyyy 'at' h:mm a", $contentitem.contentStartDate, "$domain.timezone")

Updated Tuesday, Aug 2 at 5:15 PM

The Senate approved a last-minute compromise plan to raise the nation's debt ceiling, which will impose sweeping new spending cuts and will narrowly avert an unprecedented national default.

The House of Representatives approved the measure Monday by a 269-161 vote, overcoming opposition from liberal Democrats and tea party Republicans. Passage in the Senate required a supermajority of 60 votes.

The measure needs to be signed into law by President Barack Obama before the end of Tuesday.

The agreement - reached Sunday by Obama and congressional leaders - calls for up to $2.4 trillion in savings over the next decade, raises the debt ceiling through the end of 2012 and establishes a special congressional committee to recommend long-term fiscal reforms.

 

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