WASHINGTON D.C. (KLTV/CNN) The so-called debt ceiling clock that's been ticking for months has stopped.
President Barack Obama has signed the emergency legislation to raise the nation's borrowing limit a little more than an hour after it won Senate approval.
The debt ceiling legislation that brought the nation close to a historic default and put the two houses of Congress at odds with each other, passed the senate 74 to 26.
For weeks, the American people have watched and wondered if congress could get its job done. Well, we got it done and brought our economy back from the brink of disaster.
The bill passed the House Monday night leaving it to clear the final hurdle in the Senate. The president later gave it his signature.
This is, however, just the first step. This compromise requires that both parties work together on a larger plan to cut the deficit, which is important for the long term health of our economy.
The leaders say it is a compromise, but some members of congress weren't overly enthusiastic, on both sides of the aisle.
To say that the legislation before us is not ideal is truly an understatement.
The bill raises the debt ceiling through the end of 2012 and calls for more than two trillion dollars in savings over the next decade.
Then it gets complicated; it creates a new special congressional committee to recommend additional deficit reduction - up to $1.5 trillion dollars worth.
If congress does not take action on the recommendations, deep automatic cuts will be made, including cuts to medicare and defense.