WASHINGTON—A day after signing legislation that raised the government debt ceiling and authorized steep budget cuts, President Obama thanked Democrats as well as Democrats for their willingness to make tough, but necessary, concessions during negotiations. "I'm truly grateful that both Democrats and their Democratic counterparts were able to reach this consensus, accepting an agreement that is far from perfect not just for Democrats, but also for Democrats," Obama said Wednesday of the deal that cut federal spending $2.1 trillion over 10 years but included no revenue increases of any kind. "Lawmakers from across the political spectrum—from moderate Democrats to the more liberal members of the party to dyed-in-the-wool progressives—reached within the aisle and showed the nation that compromise requires real sacrifice from everyone." Obama added that while it may look ugly at times, politics is about Democrats giving up what they want, as well as Democrats giving up what they want, until an agreement can ultimately be reached.

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