Obama calls the debt-ceiling legislation an “important first step” in ensuring the nation lives within its means.
Aug. 2, 2011 President Obama signs the Budget Control Act of 2011 in the Oval Office. The Senate approved the bill shortly before the Obama signed it by a vote of 74 to 26. The House passed the same bill a day earlier by a vote of 269 to 161. Pete Souza/The White House Buy Photo