President Signs Debt Deal


He put the ink on the paper, but President Obama didn't thank or congratulate Congress as he typically does after major bills are passed.

"It was a long and contentious debate."

Instead, he looked forward.

"We've got to do everything in our power to grow this economy and put America back to work. "

Passed just hours before the deadline, the emergency bill increases the government's borrowing limit, and makes $1 trillion in immediate spending cuts. A bipartisan super committee from both houses of Congress will determine another $1.5 trillion in savings.

The battle lines for that task are already being drawn. At issue - whether tax revenue is in the mix.

"There won't be tax increases," said Sen. Saxby Chambliss, R-Ga. "That's one thing this committee will not even consider, and I don't think they should."

Senate Majority Leader Harry Reid said, "We've had too much talk the last few days of republicans, republican leaders in the Senate as early as this morning, saying that there will be no revenue. That's not gonna happen."

The president didn't let the point slide, either.

"Everyone's going to have to chip in. That's only fair. That's the principle I'll be fighting for during the next phase of this process."

There's also some question whether the committee can be effective at all.

"I wouldn't focus a whole lot on what would happen if they didn't function, because I think they are," said Senate Minority Leader Mitch McConnell.

If the committee fails, massive across-the-board cuts would be imposed automatically, but for now after a long bitter fight, Congress is on recess until next month.

That new bipartisan super committee will be picked over the next two weeks. They have until November 23 to make their recommendations.

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