published Monday, August 1st, 2011

House votes to raise debt limit, cut spending

WASHINGTON (AP) — The House has passed legislation designed to keep the government from defaulting on its debts. The measure also sets a course for reducing the federal deficit in the future.

The Senate, where support is stronger, is expected to take up the bill on Tuesday, the deadline for Congress to act before the government loses its ability to pay all its bills.

The 269-161 vote in the House came after Republican leaders spent the day urging recalcitrant conservatives to support the bill.

The bill would raise the debt ceiling by more than $2 trillion and cut federal spending by a similar amount over the next decade. A special congressional committee would be set up to consider entitlement and tax changes.

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rolando said...

Had the bill failed in the house, we would never have heard about in this "newspaper"...just as we heard nothing about any the controversy.

So we are back to square one with the "Tax and Spend" Beltway Boys. The presses will run full time for three years and the reductions won't mean diddly-squat by then.

I am a bit curious about what will happen when we lose both our AAA rating and our reserve currency status...

August 1, 2011 at 10:32 p.m.
BigDonL said...

If only the republicans were this concerned about the debt when GWB was spending money like a drunken sailor. The hyprocracy drives me nuts.

August 1, 2011 at 11:06 p.m.
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