Two months of congressional debate finally came to a close on Sunday with a compromise the House passed on Monday in a 269-161 vote despite discontent from both the far left and Tea Party Republicans. The Senate passed the plan Tuesday afternoon by a 74-26 margin and the bill was signed into law an hour later. House Speaker John Boehner, R-Ohio, garnered a majority of Republican support for the bill, and minority leaders rallied 90 percent of Democratic caucus members.
“It's pretty likely that the uncertainty surrounding the raising of the debt ceiling – for both businesses and consumers – has been unsettling, and just one more impediment to the full recovery that we need. And it was something that we could have avoided entirely,” Obama said. “Voters may have chosen divided government, but they sure didn't vote for dysfunctional government.”
The bill raises the debt ceiling through the end of 2012, calls for up to $2.4 trillion in savings over the next 10 years and establishes a congressional committee to recommend long-term fiscal reforms.
“Nobody seems perfectly satisfied with it, but that's inevitable,” said Sen. Joe Lieberman, an independent from Connecticut. “For me, the positive outweighs the negative.”
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