After a long and heated debate, President Barack Obama signed into law a compromise that will reduce the deficit and avert a default on our obligations that would have devastated our economy.
Official White House photographer Pete Souza chronicled the process over the last month, snapping photos at various stages of the negotiations.
President Barack Obama meets with Speaker of the House John Boehner on the patio near the Oval Office, Sunday, July 3, 2011. (Official White House Photo by Pete Souza)
President Barack Obama meets with Congressional Leadership in the Cabinet Room of the White House to discuss ongoing efforts to find a balanced approach to the debt limit and deficit reduction, July 13, 2011. Pictured, from left, are: House Majority Leader Eric Cantor, House Minority Leader Nancy Pelosi, House Speaker John Boehner, Senate Majority Leader Harry Reid, and Senate Minority Leader Mitch McConnell. (Official White House Photo by Pete Souza)
President Barack Obama and Vice President Joe Biden meet with House Speaker John Boehner and House Majority Leader Eric Cantor in the Oval Office to discuss ongoing efforts to find a balanced approach to the debt limit and deficit reduction, July 20, 2011. (Official White House Photo by Pete Souza)
President Barack Obama and Vice President Joe Biden are briefed by Rob Nabors, Assistant to the President for Legislative Affairs, during a meeting in Chief of Staff Bill Daley's West Wing office at the White House to discuss ongoing efforts to find a balanced approach to the debt limit and deficit reduction, Saturday, July 30, 2011. (Official White House Photo by Pete Souza)
President Barack Obama meets with senior advisors in the Oval Office to discuss ongoing efforts in the debt limit and deficit reduction talks, Sunday, July 31, 2011. Pictured, from left, are: Treasury Secretary Timothy Geithner; Chief of Staff Bill Daley; National Economic Council Director Gene Sperling; OMB Director Jack Lew; Senior Advisor Valerie Jarrett; Bruce Reed, Chief of Staff to the Vice President; and Counsel to the President Kathryn Ruemmler. (Official White House Photo by Pete Souza)
President Barack Obama talks with senior advisors in the Oval Office to discuss ongoing efforts in the debt limit and deficit reduction talks, July 31, 2011. Pictured, from left, are: Vice President Joe Biden; Rob Nabors, Assistant to the President for Legislative Affairs; OMB Director Jack Lew; Pete Rouse, Counselor to the President; and Senior Advisor Valerie Jarrett. (Official White House Photo by Pete Souza)
President Barack Obama and Vice President Joe Biden shake hands in the Oval Office following a phone call with House Speaker John Boehner securing a bipartisan deal to reduce the nation's deficit and avoid default, Sunday, July 31, 2011. (Official White House Photo by Pete Souza)
President Barack Obama signs the Budget Control Act of 2011 in the Oval Office, Aug. 2, 2011. (Official White House Photo by Pete Souza)
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