Democratic Senate quickly scuttles it
Friday, July 29, 2011
Updated: Friday, July 29, 2011 09:53 PM
By Jack Torry
The Columbus Dispatch
WASHINGTON -- House Speaker John Boehner persuaded weary fellow Republicans this evening to approve a bill that would allow the federal government to avoid a default next week in return for deep cuts in federal spending and congressional approval of a balanced-budget amendment to the Constitution.
Although the measure was quickly killed by Senate Democrats, it might jar open the door slightly for Boehner and Senate Majority Leader Harry Reid, D-Nev., to forge a compromise that would cut federal spending and raise the government's $14.29 trillion debt ceiling.
The Obama administration has warned that without an increase in the ceiling by Tuesday, the government could default on some of its obligations. Most economists warn that a default could cripple the tenuous economic recovery.
The House passed the bill, 218-210, before the Senate voted 59-41 to discard it about two hours later.
Read the entire article
Although the measure was quickly killed by Senate Democrats, it might jar open the door slightly for Boehner and Senate Majority Leader Harry Reid, D-Nev., to forge a compromise that would cut federal spending and raise the government's $14.29 trillion debt ceiling.
The Obama administration has warned that without an increase in the ceiling by Tuesday, the government could default on some of its obligations. Most economists warn that a default could cripple the tenuous economic recovery.
The House passed the bill, 218-210, before the Senate voted 59-41 to discard it about two hours later.
Read the entire article
No comments:
Post a Comment