Senate passes debt deal

Townhall.com Staff

8/2/2011 1:56:00 PM - Townhall.com Staff
The Senate approved — and President Obama is likely to sign — $2.4 trillion in budget cuts and a roughly equal amount of additional debt capacity, ending months of gridlock.

The 74-26 Senate vote came just in time to avoid an unprecedented default that Treasury officials predicted could happen if Congress didn't raise the $14.3 trillion debt limit by today.