Monday, August 1, 2011

U.S. House Approves Bill To Avert Debt Default

The Associated Press

The U.S. House of Representatives Monday evening approved the bill to avert debt default. 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. . . . . . . .

1 comment:

  1. It's sad that, for the sake of compromise, they've passed a bill that is ideologically neutral. No one is happy. Maybe we should all celebrate with some Economic Collapse Crumb Cake?


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