Emergency legislation to permit the government to borrow more money headed toward passage in the Senate Tuesday with just hours to spare previous to the national debt bumps against its ceiling. Expected approval sends the bill to President Barack Obama, prevention a potentially disastrous, first-ever government default and making a down payment in the direction of taming out-of-control budget deficits.
"Finally Washington is taking responsibility for expenses money it doesn't have," Sen. Lamar Alexander, R-Tenn., said at the begin of debate.The legislation, which easily passed the House on Monday, is virtually assured to clear the Senate at noontime noon by a bipartisan tally. The White House promises that Obama will quickly sign the compute into law. Obama planned to issue a statement following the vote.
The legislation pairs an enlarge in the government's borrowing cap with promises of more than $2 trillion of budget cuts in excess of the upcoming decade. Its passage caps a long, difficult battle among tea party-powered House Republicans and Obama — with House Speaker John Boehner caught in the center more than once.
Full Story
Full Story
