Tuesday, August 2, 2011

US Debt Battle Down to Final Vote


The U.S. Senate is to vote Tuesday on a bill to cut spending and raise the nation's debt limit, just 12 hours before the Treasury Department says it would run out of money without more borrowing.
The compromise legislation passed its biggest test late Monday when the Republican-led House of Representatives approved it by a vote of 269 to 161.
If it gains approval in the Senate, the bill will then be sent to U.S. President Barack Obama, who has said he will sign it into law.
The deal would allow the government to continue borrowing money through 2012 in exchange for spending cuts of almost $1 trillion over the next 10 years.
The package would also create a bipartisan budget committee that will seek up to another . . . .

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