Monday, August 1, 2011

House Approves Debt Deal (269-161)

Looks like we may just avoid a technical default. It will take a few days for the dust to settle to see who really came out on top. That is the nature of these last minute deals, and why a certain President promised to give people time to read the bills before they were voted on; a promise broken once again.

"The House of Representatives on Monday approved an 11th-hour deal to raise the U.S. borrowing limit, clearing the biggest hurdle to averting a potentially catastrophic U.S. debt default.

Just one day before the deadline to lift the debt ceiling, the passage by 269 votes to 161 by the Republican-controlled House paved the way for an expected approval in the Senate of a $2.1 trillion deficit-cutting plan hammered out over the weekend.

The Democratic-led Senate was expected to vote on the plan on Tuesday.

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