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