The signing of the Budget Control Act of 2011 and the corresponding end of the debt ceiling fracas is eliciting praise from insurance industry associations.

Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), says the bill represents a necessary first step toward reducing federal spending and strengthening the nation’s economy. “While the final bill is not perfect, it does provide the framework to help address our nation’s long-term debt and deficit problems,” Pusey said in a statement. “Further, it serves as a signal to the global community that our system of government works and that America is serious about getting its fiscal house in order.”

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