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US Senate kills House debt ceiling plan
Source: Xinhua |
July 30, 2011, Saturday
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Online Edition
Online Edition
THE US Senate voted yesterday to kill a debt ceiling plan put forth by House Speaker John Boehner to avoid a looming debt default crisis less than two hours after the House passed the bill.
The measure was defeated in a 59-41 vote last night. The majority of the Senate members believed that the two-step House plan would harm the US fragile economic recovery as it will require another painful debt-limit debate early next year.
Under the House plan outlined by Boehner, a Republican, Congress would immediately raise the federal government's borrowing capacity by US$ 900 billion extending to early next year and cut spending by 917 billion dollars over a decade.
According to the legislation rewritten overnight, the second tranche of debt limit increase next year would be contingent on Congress approving a balanced budget amendment to the Constitution and sending it to the states for ratification.
Senate Democratic Leader Harry Reid, a Democrat, is expected to move forward with a different approach that aims to get enough votes from both parties to pass Congress before an Aug. 2 deadline.
The Democratic plan will grant the US government borrowing authority extended long enough to reach the end of 2012 when the next presidential election is over.
The measure was defeated in a 59-41 vote last night. The majority of the Senate members believed that the two-step House plan would harm the US fragile economic recovery as it will require another painful debt-limit debate early next year.
Under the House plan outlined by Boehner, a Republican, Congress would immediately raise the federal government's borrowing capacity by US$ 900 billion extending to early next year and cut spending by 917 billion dollars over a decade.
According to the legislation rewritten overnight, the second tranche of debt limit increase next year would be contingent on Congress approving a balanced budget amendment to the Constitution and sending it to the states for ratification.
Senate Democratic Leader Harry Reid, a Democrat, is expected to move forward with a different approach that aims to get enough votes from both parties to pass Congress before an Aug. 2 deadline.
The Democratic plan will grant the US government borrowing authority extended long enough to reach the end of 2012 when the next presidential election is over.
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