House Passes Two-Stage Debt Ceiling Plan

 @ibtimes
on July 29 2011 6:55 PM
U.S. House Speaker John Boehner
U.S. House Speaker John Boehner (R-OH) walks to his office during the House voting on Budget Control Act on Capitol Hill in Washington July 29, 2011. REUTERS

The House of Representatives has passed a bill to raise the U.S. debt ceiling and cut federal spending, although Democrats have already vowed to defeat the measure ahead of an Aug. 2 deadline.

The bill's passage by a vote of 218 to 210 is meant to help the U.S. federal government avoid a default on obligations.

Under the House plan, which passed with strong Republican support and despite no Democratic Party backing, the federal debt ceiling would rise at two separate times. The second increase would require also passing a Constitutional balanced budget amendment.

Senate Majority Leader Harry Reid has said he would work to defeat the plan and instead move ahead with a vote on his own proposal, in an effort to reach a compromise agreement ahead of deadline.

 

 

Share this article