Washington, Aug.2 (ANI): The U.S. House of Representatives has passed the historic debt deal reached between Democrats and Republicans by a vote of 269 to 161.
With Senate approval all but certain, the House vote has ended a months-long partisan stalemate that threatened to destabilize global markets and undermine the sputtering economic recovery, the Washington Post reports.
The Senate vote is set for noon Tuesday. Approval would send the measure to President Obama and immediately grant the Treasury 400 billion dollars in additional borrowing authority, just hours before a midnight deadline.
House Speaker John A. Boehner won over more than two-thirds of his caucus by assuring the lawmakers that few GOP priorities were in the line of fire and that Obama had retreated on his demand for higher taxes.ngry Democrats largely shared that assessment. But after withholding their votes for most of the roll call, they split evenly for and against the proposal, which would cut at least 2.1 trillion dollars from projected borrowing over the next decade without any immediate provision for new taxes.
The agreement was sealed late Sunday after weeks of acrimonious debate. If approved by the Senate, it would raise the 14.3 trillion dollar debt limit by at least 2.1 trillion dollars, including the immediate 400 billion dollar released upon Obama's signature. (ANI)
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