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.
We see global corporate bond spreads tightening further, driven by our expectations for European Central Bank (ECB) asset purchases.
The ECB and Bank of England (BoE) both started buying non-financial corporate bonds this year, driving down corporate credit spreads globally. This is evident in the chart below.
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
Greek Prime Minister Alexis Tsipras is heading to Brussels for a two-day meeting today, along with every other head of government in the eurozone. The most pressing topic of discussion is him, his country and his government.
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