This week the President signed legislation passed by Congress into law raising the debt limit and providing for deficit reduction.  The new law, approved at the eleventh hour, will avert an historic government default and provides for immediate cuts in the budget of over $900 billion.  As signed by the President, the new law raises the $14.3 trillion debt ceiling through 2012 and sets up a joint congressional congressional committee designed to recommend more than $1.5 trillion in further cuts.  In all, the new law will reduce federal spending by more than $2.1 trillion over the next ten years.