*2:10 p.m. Update: Obama has signed legislation to increase nation's borrowing authority and avert government default.
(NECN: Washington) - President Barack Obama says the emergency bill Congress passed on Tuesday to prevent a government default is just the first step to ensuring the country lives within its means.
Obama says lawmakers still need to find a balanced approach to reducing the deficit that includes some adjustments to Medicare and reforming the tax code so the wealthy pay more.
Obama spoke shortly after the Senate passed the bill to raise the debt ceiling and avert a default. The House approved the bill on Monday.
Obama will sign the bill as soon as it lands on his desk.
*Material from The Associated Press used in this report*