This afternoon, the Senate passed and the President signed into law S. 365, the legislative vehicle for the debt ceiling agreement. These actions come after the House first passed the measure last night. The deal brings an end to the months long fight over how to raise the debt ceiling with accompanying plans to control the country’s long-term deficit.

The compromise came at the final possible moment, as the Treasury Department has warned that today is the deadline before which the federal government would start defaulting on its financial obligations. While it’s a relief to see that lawmakers were eventually able to reach an agreement, it has been discouraging and often times maddening to watch the proceedings that brought is to this point.

And the plan is just a start. Congress must build on its newfound momentum and make the necessary cuts to put spending back on a sustainable path.

For more on the debt ceiling agreement, click here to see our fact sheet with all the details.

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