President Obama signed the debt ceiling bill just minutes ago after the Senate overwhelmingly pass the legislation by a 74-26 vote.
Before signing the measure, Obama made clear during a Rose Garden appearance that he will push for some tax increases in the second tranche of cuts to be considered by a joint committee.
This compromise requires that both parties work together on a larger plan to cut the deficit, which is important for the long-term health of our economy. And since you can’t close the deficit with just spending cuts, we’ll need a balanced approach where everything is on the table. Yes, that means making some adjustments to protect health care programs like Medicare so they’re there for future generations. It also means reforming our tax code so that the wealthiest Americans and biggest corporations pay their fair share. And it means getting rid of taxpayer subsidies to oil and gas companies, and tax loopholes that help billionaires pay a lower tax rate than teachers and nurses.
I’ve said it before; I will say it again: We can’t balance the budget on the backs of the very people who have borne the biggest brunt of this recession.