President Barack Obama signed a debt-limit compromise thatprevents a U.S. default on the day the Treasury had warned thenation's borrowing authority would expire, according to spokesmanJay Carney.
The Senate earlier today voted 74-26 for the measure, whichraises the nation's debt ceiling until 2013 and threatens automaticspending cuts to enforce $2.4 trillion in spending reductions overthe next 10 years. It won backing from 45 Democrats, 28 Republicansand one independent. The House passed the plan yesterday.
Obama said approval of the measure is a “first step” on a paththat must include increased revenue and spending cuts.
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