Obama Praises Fiscal Cliff Bill, Warns of Looming Debt Ceiling Fight

President Obama says the passage of the "fiscal cliff" deal fulfills his promise to raise taxes on the wealthiest 2 percent of Americans and maintain tax cuts for the middle class.

"Under this law, more than 98 percent of Americans and 97 percent of small businesses will not see their income taxes go up. Millions of families will continue to recieve tax credits to help raise their kids and send them to college. Companies will continue to recieve tax credits for research they do, the investments they make, and the clean energy jobs they create. 2 million Americans who are out of work but are out there looking, pounding the pavement every day, will contionue to recieve unemployment payments as long as they're actively looking for a job."

The President also warned Congress not to balk at raising the debt ceiling in two months.

"We can't not pay bills that we've already incurred, " Obama warned. " If Congress refuses to give the United States government the ability to pay theses bills on time, the consequences for entire global economy would be catastrophic, far worse than the impact of a fiscal cliff."

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