Statement by the Press Secretary

On Tuesday, August 02, 2011, the President signed into law:

S. 365, the “Budget Control Act of 2011,” which provides for authority to increase the public debt limit by between $2.1 trillion and $2.4 trillion; establishes discretionary spending limits for FYs 2012-2021; requires the House and Senate to each vote on passage of a balanced budget amendment to the Constitution; and establishes a congressional Joint Select Committee on Deficit Reduction.

A photo of the signing is available HERE (bit.ly/ouZ98c)