Signed, sealed and delivered

Updated

America squeaked past a default on loans today, as President Obama quickly signed the newly passed debt deal into law. Cobbled together last-minute, this measure cleared through the House of Representatives last night and through the Senate this afternoon, only hours before the deadline.

The new legislation increases the nation’s debt ceiling limit and promises more than $2 trillion in spending cuts over the upcoming decade.

“Voters may have chosen divided government, but they sure didn’t vote for dysfunctional government. They want us to solve problems. They want us to get this economy growing and adding jobs,” said Obama in a press conference today, signaling a shift in the political dialogue.

Yeah, the debt ceiling d-day has come and lawmakers got the deal. But not without repercussions. While avoiding a default in the already fragile economy, the country’s Triple-A credit rating downgrade is still a possibility and the markets remain shaky with the Dow Jones dropping 265 points.

The partial FAA shutdown was not resolved either, and won’t be until Congress is back in session this September, at the earliest.

Debt and Barack Obama

Signed, sealed and delivered

Updated