The issue focused on the number of tax increases and government spending cuts that were required to close a $1.2 trillion budget gap.

"It is my hope that as we work through this situation, that we can look at our future," said President Obama. "We have an opportunity now to make some hard decisions."

He made his comments in the White House Rose Garden about an hour after Congress passed a deal to raise the federal debt limit. The agreement also provides for $4.3 billion