With the government running on fumes, Congress and the White House moved quickly Monday toward expanding the Treasury’s borrowing authority and putting in motion an ambitious plan promising between $2.1 trillion to $2.4 trillion in deficit reduction over the next 10 years.
The hastily-written 74-page bill — never reviewed by a legislative committee and rushed to the floor — cleared the House on a 269-161 vote late Monday. The Senate is poised to act at noon Tuesday — the very day of the threatened default. But passage seems all but certain given the margin in the House and unified support of Senate leaders of both parties.
Read more: http://www.politico.com/news/stories/0811/60443.html#ixzz1TpHz9APF
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