President Obama says emergency debt-limit bill is just the first step

The president spoke shortly after the Senate passed the bill to raise the debt ceiling.

This is an updated version of a 12:39 posting.

Associated Press photoPresident Barack Obama delivers a statement in the Rose Garden of the White House in Washington, Tuesday, following the Senate's passing of the debt ceiling agreement.

WASHINGTON – President Barack Obama said Tuesday that the emergency bill Congress passed to prevent a government default is just the first step to ensuring the country lives within its means.

Speaking in the Rose Garden, Obama said 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 potentially catastrophic default. The House approved the bill Monday.

The White House said Obama will sign the bill as soon as it lands on his desk.