President Signs Debt, Spending Plan

In a 74-26 vote, the Senate passed emergency legislation Tuesday to avoid a first-ever government default.

A little more than an hour later, President Obama signed the bill.

"It's an important first step to ensuring that as a nation we live within our means," Obama said after the vote. "This is, however, just the first step. This compromise requires that both parties work together on a larger plan to cut the deficit."

The measure increases the government's borrowing cap and promises more than $2 trillion in budget cuts over the next decade.

The House passed the bill Monday night.