Obama: Debt deal is only a first step

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Submitted: Tue, 08/02/2011 - 5:50pm
Updated: Tue, 08/02/2011 - 6:20pm

WASHINGTON, DC (AP) — President Barack Obama says the emergency bill Congress passed to prevent a government default is just the first step to ensuring the country lives within its means.

Speaking in the Rose Garden, Obama says lawmakers still need to find a balanced approach to reducing the deficit that includes some adjustments to Medicare and reforming the tax code so the wealthy pay more.

Obama spoke shortly after the Senate passed the bill to raise the debt ceiling and avert a potentially catastrophic default. The House approved the bill Monday.

The White House says Obama will sign the bill as soon as it lands on his desk.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


  • Wade griffis says:

    that this bunch of pandering political prostitutes was going to let the country declare bankruptcy must live in outer space.

    Actually, that is an invalid statement. The people who live in outer space have been coming down here for 50 + years. They are trying to figure out why humans are so stupid.

  • Commonsensenotcommontoday says:

    The law that contained the Bush Tax Cuts was extended. The ONLY way that you’re going to raise taxes on the wealthy is to let the law expire next time…..at which time taxes will rise for EVERYONE, the largest increase hitting your “botton-feeding buddies,” as they see their rate jump a full five percentage points from ten to fifteen percent.

    No one is going to get a law passed that only raises taxes on the wealthy. It simply won’t happen with this Congress OR Senate, as you just saw.

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