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July 29, 2011

House Finally Passes GOP Plan, Senate Kills It

The House of Representatives narrowly passed Speaker John Boehner's (R-OH) debt ceiling legislation "after Republican leaders revised it to gain the support of recalcitrant tea party conservatives, but the Senate swiftly moved to block it from consideration in their chamber," the Washington Post reports.

"Instead, senators moved to replace it with a bipartisan plan that would raise the federal debt ceiling ahead of an Aug. 2 deadline, averting a potentially catastrophic U.S. default."

The Hill: "Senate Democrats strategy is to send such a compromise vehicle back to the House on Tuesday, which would put intense pressure on House GOP leaders to accept it or risk a national default after Aug. 2."

New York Times: "The move now sets up an uncertain 72 hours as the Congress moves ever closer to the Tuesday deadline when the Treasury Department says the country will default on its financial obligations without an increase in the debt ceiling."

Bottom line: The fate of the debt ceiling is tied to the Senate leadership's ability to get 60 votes.


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