August 1, 2011 7:21:21 Update: House approves raise in federal debt ceiling; bill goes to Senate
The House approved a bill Monday night that raises the federal debt limit and cuts discretionary spending by $1 trillion over the next 10 years, a key step toward averting a government default.
The 269 to 161 vote sends the bill to the Senate, which is likely to consider the plan Tuesday -- the day that the Treasury has said it would begin running short of cash to pay the nation's bills.
Rep. Gabrielle Giffords cast her first vote in the House since being shot in January, voting yes.
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August 1, 2011
Debt Ceiling Deal Reached To Avert Default
WASHINGTON — President Barack Obama and Republican congressional leaders reached historic agreement Sunday night on a compromise to permit vital U.S. borrowing by the Treasury in exchange for more than $2 trillion in long-term spending cuts.
Officials said Republican Speaker John Boehner telephoned Obama at mid-evening to say the agreement had been struck.
Democratic Majority Leader Harry Reid said that both his party and opposition Republicans gave more ground than they wanted to. He said it'll take members of both political parties to pass the measure.
Minority Leader Mitch McConnell said that the pact "will ensure significant cuts in Washington spending" and he assured the markets that a first-ever default on U.S. obligations won't occur.
http://www.huffingtonpost.com/2011/08/01/debt-ceiling-deal-reached_n_905841.html
