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Monday, August 1, 2011

So they raised the National Debt Ceiling...

In case you didn't watch the vote (not really much to see anyway):
A lot more Democratic rejection than I would have thought...

"The U.S. House on Monday passed the debt-ceiling deal worked out by President Barack Obama and congressional leaders, sending it to the Senate for consideration a day before the deadline for the government to face possible default.

Senate Majority Leader Harry Reid announced his chamber will take up the measure at noon on Tuesday. No amendments will be allowed, and approval will require a super-majority of 60 votes in the 100-member Senate, Reid said.

On Monday, the House overcame opposition from liberal Democrats and tea party conservatives for ideologically different reasons to pass the measure by a 269-161 vote.

"The agreement reached Sunday by President Barack Obama and congressional leaders from both parties calls for up to $2.4 trillion in savings over the next decade, raises the debt ceiling through the end of 2012 and establishes a special congressional committee to recommend long-term fiscal reforms.

The legislation needs to reach Obama's desk by Tuesday at the latest. If the current $14.3 trillion debt limit is not increased by that point, Americans could face rapidly rising interest rates, a falling dollar and shakier financial markets, among other problems.

Glad we got that out of the way, but a long-term solution is still necessary.

Also still in question, whether or not S&P will lower the USA's credit rating.
(Reuters via ChartPorn)

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