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India On Media |
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| Politics
News |
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| US Senate passes debt plan to avert |
| US Senate passes debt plan to avert default
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| UNITED STATES OF AMERICA
, 2-August-2011
20:41:21 PM |
| The Senate voted Tuesday to raise the government's debt ceiling and cut trillions of dollars from its spending, finally ending a fractious partisan battle just hours before the government's borrowing authority was set to run out.
The bill, which passed 74 to 26 after a short debate devoid of the oratorical passion that had echoed through both chambers of Congress for weeks, was headed for the White House, where President Obama was poised to sign it immediately.
A few minutes later, Mr. Obama said he would sign the bill right away, but excoriated his opposition for what he called a manufactured crisis that could have been avoided. "Voters may have chosen divided government," he said, "but they sure didn't vote for dysfunctional government."
The compromise, which the House passed on Monday, has been decried by Democrats as being tilted too heavily toward the priorities of Republicans, mainly because it does not raise any new taxes as it reduces budget deficits by at least $2.1 trillion in the next ten years. But it attracted many of their votes, if only because the many months of standoff had brought the country perilously close to default.
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