The Senate passed the debt compromise by a vote of 74 – 26, a compromise that guarantees more than $2 trillion in debt restructuring. President Barack Obama signed the bill shortly after.
“This is however just the first step,” said President Barack Obama in his address shortly after the vote.
He made it clear that steps need to be taken that will see big business and oil industry helping to clear this debt.
“Everyone is going to have to chip in, that’s only fair,” said Obama.
He also addressed the need to improve employment rates as well as better trade agreements, while pointing out that both sides of the government will need to work together in order to improve the country’s state.
“Voters may have chose a divided government, they didn’t vote for a dysfunctional government,” he said.
Obama expects Congress to present bills for improvements once back from recess so these issues can be addressed before the closing of this Senate.
Senator Lisa Murkowski, D-Alaska, was one of the 74 who voted to pull in the federal spending while allowing the U.S. Treasury to pay America’s debts.
Murkowski issued the following statement before stepping off the U.S. Senate floor:
“Today I joined with 73 colleagues to pass the Budget Control Act. I’m satisfied that Congress took care of business and carved out an agreement that allowed us to raise the debt ceiling and avoid seeing a fiscal crisis materialize. Failure to act could have undermined our entire financial system – and had real-world costs for millions of Americans’ car payments, student loans and mortgages.
“The deal has real teeth – serious reforms, significant spending cuts, future spending caps and triggers requiring future action – but it is only the end of the beginning of our nation righting our financial course. We acknowledge that today’s vote is the easy part. We have to work together to find a comprehensive way to address our debt and get realistic about the hard choices ahead. Both Democrats and Republicans created this problem, and the only way we can resolve it is through bipartisan solutions.”