US House passes bill to avert debt default
August 2, 2011 06:56 am
The US House of Representatives late Monday approved legislation to avert a disastrous debt default and cut trillions in government spending, setting the stage for the measure to face a Senate vote.
Lawmakers backed the measure, which would let cash-strapped Washington borrow money to pay its bills past a midnight Tuesday (0400 GMT Wednesday) deadline, by a lopsided 269-161 margin.
The bill would raise the $14.3 trillion US debt ceiling while making some $2.1 trillion in government spending cuts over 10 years but not raising tax revenues from the rich or wealthy corporations, both in line with Republican demands.
The US Senate was to vote on the bill at noon (1600 GMT) Tuesday, and was expected to approve the legislation, fruit of a hard-fought deal between US President Barack Obama, his Republican foes, and Democratic allies.
The House reached high drama with the triumphant return of Democratic Representative Gabby Giffords, shot in the head and grievously wounded at a political event in her home state of Arizona in January.
“The Capitol looks beautiful and I am honored to be at work tonight,” she said on her official Twitter feed, AFP reports.
