{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='President Barack Obama has signed legislation to increase the nation\u0026#39;\u0026#39;s borrowing authority and avert a potentially catastrophic government default.' data-url='/boclips/videos/5c54c131d8eafeecae150684' data-video-url='/boclips/videos/5c54c131d8eafeecae150684' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nPresident Barack Obama has signed legislation to increase the nation\u0026#39;\u0026#39;s borrowing authority and avert a potentially catastrophic government default.\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eHEADLINE: Obama signs legislation to avert defaultCAPTION: President Barack Obama has signed legislation to increase the nation''s borrowing authority and avert a potentially catastrophic government default. (Aug. 2)VO: Obama walkout  ...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eHEADLINE: Obama signs legislation to avert default\u003cbr/\u003eCAPTION: President Barack Obama has signed legislation to increase the nation''s borrowing authority and avert a potentially catastrophic government default. (Aug. 2)\u003cbr/\u003eVO: Obama walkout\u003cbr/\u003e   Less than 12 hours before the deadline, a subdued President Barack Obama signed the compromise that''ll enable the government to keep borrowing--but he seemed in no mood to celebrate:\u003cbr/\u003e   SOT: President Barack Obama\u003cbr/\u003e   1:13 p.m.\u003cbr/\u003e   It shouldn''t take the risk of default, the risk of economic catastrophe, to get folks in this town to work together and do this jobs. \u003cbr/\u003e   VO: ''b'' roll of senate--maybe show final vote on screen at 1:42 p.m. \u003cbr/\u003e   It came shortly after a bipartisan vote in Senate giving final congressional approval to the deal\u003cbr/\u003e   VO: graphic that show increase of debt ceiling and spending cuts\u003cbr/\u003e   which would boost the debt ceiling by about 2 trillion dollars --and impose larger spending cuts to scale back government.   \u003cbr/\u003e   Senator Lamar Alexander, R-Tenn.\u003cbr/\u003e   9:35 a.m.\u003cbr/\u003e   Finally Washington is taking some responsibility for spending money that we don''t have.\u003cbr/\u003e   VO: ''s'' senate ''b'' roll\u003cbr/\u003e   Some senators argued the bill does little to get the country''s fiscal house in order\u003cbr/\u003e   Senator Rand Paul, R-Ky.\u003cbr/\u003e   10:24 a.m.\u003cbr/\u003e   ''''America got a deal on August 2nd but not a solution. What America wants is a solution, not a deal.''''\u003cbr/\u003e   VO: Durbin on the floor--can backtime\u003cbr/\u003e   Democrats lamented the lack of tax hikes for the wealthy.\u003cbr/\u003e   SOT: Senator Richard Durbin, D-Ill.\u003cbr/\u003e   9:46 a.m.\u003cbr/\u003e   If we continue to move toward more and more spending cuts we will literally disadvantage the poor and working families of America to the advantage of those who are well off.\u003cbr/\u003e   VO: if we have a still of budget books// or something that illustrates gov''t spending\u003cbr/\u003e   So what programs are on the chopping block: \u003cbr/\u003e   VO: fighter planes, guns firing--\u003cbr/\u003e   Congress won''t make those decisions until later this year, thougb defense spending could be slashed by 350 billion dollars. \u003cbr/\u003e   VO: students walking on college campuses, in classrooms--whatever illustrates collegiate life\u003cbr/\u003e   Meanwhile, funding for Pell Grants for low-income college students is being increased by 17 billion dollars.\u003cbr/\u003e   what remains to be seen is whether this lengthy partisan fight and subsequent approval of this debt ceiling bill will be enough to allow the government to maintain its coveted triple A credit rating in the long term.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv 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