Obama signs bill suspending debt ceiling

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The president, who signed the bill shortly after returning from Minneapolis, has praised the legislation as a positive step toward an eventual debt deal. Obama has also called for a larger debt deal that would reduce health care spending and close certain tax loopholes and deductions.

"That’s a balanced approach that is broadly supported by the American people and it’s the responsible way to reduce our deficit.  It’s a an approach that was endorsed by several bipartisan commissions who have addressed with their own proposals the fiscal challenges we face, and it’s the approach that the President absolutely intends to put forward as he continues negotiations with Congress," White House press secretary Jay Carney said last week.