Wednesday, August 3, 2011

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Bill passed to prevent US debt default

  • Wednesday, August 3, 2011
  • Aruntha Kanagaratnam
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  • US: The Republican-controlled House of Representatives passed bitterly fought, compromise debt-limit legislation Monday night that would prevent a U.S. default on its obligations but at a cost of deep cuts in government spending. The measure still must gain approval in the Senate before it goes to the White House where President Barack Obama has promised to sign it into law. It passed the House 269-161.

    Passage in the Senate was seen as nearly certain. The upper chamber was slated to vote on it at noon Tuesday, just hours before the midnight deadline for lifting the $14.3 trillion cap U.S. borrowing.

    First Read: CBO scores deficit reduction plan Other political news of note Debt deal puts off major changes to the future

    A tentative deal to raise the debt ceiling and cut spending by trillions of dollars over the next decade could have a significant impact on Americans’ lives — sometime down the road. House passes debt ceiling bill Giffords returns to DC for debt deal vote Analysis: Debt deal sets up tax fight First Read: CBO scores deficit reduction plan In the minutes before the legislation won approval, applause rang out through the lower chamber as Democratic Rep. Gabrielle Giffords made a dramatic appearance on the House floor, her first since she was shot during a meeting with constituents at a Tucson, Arizona, shopping center in January.

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