President Obama marked the end of the "long and contentious" debt-limit debate Tuesday afternoon, lamenting that the "manufactured crisis" has stunted the economic recovery and promising a return to a jobs-focused agenda.Alas Keynesian policies will continue and we'll have a tough time seeing more jobs in this economy. Also I'm not sure if this crisis was manufactured. He should know that a Republican US House was elected last year over government spending. There was bound to be a fight over that!
The president spoke from the Rose Garden moments after the Senate gave final approval to the deal by a vote of 74-26. The House had voted for it by a surprisingly comfortable 269-161 margin on Monday.
Obama signed the measure more than an hour after the Senate vote, ensuring that the nation is able to continue borrowing money to pay its bills.
The president called the deficit-reduction measures paired with the debt-limit increase an "important first step to ensuring that as a nation we continue living within our means." But he also said he would continue to fight for a "balanced" approach when Congress continues the debate this fall.
"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 born the biggest brunt of this recession," he said.
18 hours ago