Tuesday, August 2, 2011

Senate Poised to Approve Debt Deal

Dan Friedman

After the House passed a compromise measure overwhelmingly on Monday, it will likely reach President Obama's desk Tuesday afternoonThe Senate is expected on Tuesday to easily approve the deal raising the federal debt ceiling, sending the hard-fought bill to President Obama before the end of the day Tuesday, aides and senators said.
The Senate vote, followed quickly by Obama signing the bill, will bring an anticlimactic end to a months-long battle that featured closed-door negotiations, a half-dozen dueling plans, market worries, and the risk that the United States would for the first time ever default on its debt.
"We need to send this to President Obama as soon as we can," Senate Majority Leader Harry Reid (D-Nev.) said on Monday. "It has been a long process. I am confident we did the right thing for the American people."

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