Tuesday, August 2, 2011

Debt Deal Passes in Senate (74-26) And Signed by Obama

The threat of a technical default it gone. The problem is not the debt ceiling, it is the debt. This may end up making it worse.


"Treasury won an immediate reprieve of $400 billion in new borrowing authority Tuesday, as the Senate gave final approval to a hotly contested debt and deficit-reduction agreement hammered out with the White House Sunday night.

The bipartisan 74-26 roll call followed a 269-161 vote in the House Monday evening and the bill was quickly signed by President Barack Obama, ending an unprecedented, hard-edged political struggle that pushed the nation to the brink of default.

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