Obama: Debt deal is only the first step

Washington - US President Barack Obama said on Tuesday the emergency bill Congress passed to prevent a government default is just the first step to ensuring the country lives within its means.

Obama says lawmakers still need to find a balanced approach to reducing the deficit that includes some adjustments to health care benefit plans for the elderly and reforming the tax code so the wealthy pay more.

The president spoke at a press conference shortly after the Senate passed the bill to raise the debt ceiling and avert a potentially catastrophic default.

The House of Representatives approved the bill on Monday.

The White House said Obama will sign the bill as soon as it lands on his desk.