The US president was speaking after the House of Representatives passed a Senate-backed bill by 257 votes to 167.
It raises taxes for the wealthy and delays spending cuts for two months.
There had been intense pressure for the vote to be passed before financial markets reopened on Wednesday.
In Tuesday night’s house vote, 172 Democrats and 85 Republicans voted in favour of the bill.
A majority of Republicans, 151 in total, voted no, along with 16 Democrats.
EMU officials in Brussels want to see specific details on how Spain will reduce its budget deficit to 3% of GDP in 2013. Given the 2011 deficit was 8.5%, EMU officials do not believe Spain, nor should anyone else. The targets will not be met.
Moreover, some in Brussels accuse Spain of artificially inflating the 2011 deficit so as to better meet its interim target.
Those are contradictory accusations actually. If the deficit is artificially inflated, it should be easier to make the targets.
Spain's original deficit target for 2012 was 4.4%, then revised to 5% then 5.3%. The last revision brought the target all the way up to 6.3%. So how is Spain doing?
Via Google Translate Libre Mercado says Spain recorded a fiscal deficit of 8.56% of GDP in the first half
"What people underestimate is that what's at stake is the entire credibility of the rules," warns one EU official as The WSJ reports, is preparing to reject France’s 2015 budget, that would be the biggest test yet of new powers for Brussels that were designed to prevent a repeat of the eurozone’s sovereign-debt crisis.
In a fiercely competitive global economy, Canada cannot be complacent
OTTAWA — The Harper government says it wants Canadian diplomats in foreign countries to re-channel their energies and resources into advancing the country’s commercial interests.
Trade Minister Ed Fast says he wants to do more to break into fast-growing emerging markets that many — including the Bank of Canada — have identified as key to the country’s future prosperity.
Emile Roeme, a socialist running on an anti-Brussels, anti-austerity plan is likely to become the next prime minister of the Netherlands.
On the extreme right, populist Geert Wilders wants the Netherlands to withdraw from the eurozone completely.
The centrists who support the nannyzone feel squeezed in the middle, and their days appear numbered.
The implosion in Spain continues, with the budget deficit heading in reverse, now revised up to 9.4% of GDP.
Spain's original deficit target for 2012 was 4.4%, then revised to 5% then 5.3%. Yet another revision brought the target all the way up to 6.3%. So how is Spain doing? A few flashbacks will explain.
On April 10 I optimistically wrote Inconsistencies in Spain's Budget Suggest Deficit will be 7% not 5.3%
French president-elect François Hollande has launched a preemptive attack blaming outgoing president Nicolas Sarkozy for the huge budget deficit of France.
Given Hollande wants to tax millionaires 75%, I find it quite ironic that Hollande blames the problem on "hidden taxes" of Sarkozy.
Please consider Brussels raises alert over French deficit