(RALEIGH) -- President Barack Obama signed the emergency bill Congress passed to prevent a government default, but Senator Kay Hagan said more needs to be done to truly bring economic reform. For starters, she said the tax codes should be re-examined.

"What we should do is do away with the tax credit and the tax loopholes that is really mandatory spending just in a different way.  If we do that then we could actually lower the tax rate of individuals and for corporations," said Hagan.

President Obama said lawmakers still need to find a balanced approach to reducing the deficit that includes some adjustments to Medicare and reforming the tax code so the wealthy pay more.