Obama: Debt bill not only step to econ recovery

President Barack Obama said on Tuesday that a debt bill he will sign is an important first step toward ensuring the United States lives within its means, but that more is needed to rebuild the US economy.

In a Rose Garden statement, Obama made clear he expects tax reform to emerge from deliberations around a new joint bipartisan committee to be established by the legislation, and that a "balanced approach" in which the wealthier pay more taxes is needed for more deficit reduction. (Reuters)