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US Senate Kills House GOP Bill

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TEHRAN, July 23 (ICANA) – The Senate Friday killed the House Republican "cut, cap and balance" bill, and Majority Leader Harry Reid called off a weekend session. The party-line Senate vote was 51-46, The Hill reported.
Saturday, July 23, 2011 9:42:37 AM
US Senate Kills House GOP Bill

The Republican-led House passed the measure, which would have cut spending by $111 billion in 2012, capped spending over the next decade and barred more borrowing until Congress had passed a balanced-budget amendment to the Constitution, by 234-190 Tuesday.

Senate rejection was expected, and President Barack Obama had promised a veto, but the vote was seen as necessary before reaching a larger deal to raise the $14.3 trillion national debt ceiling by Aug. 2.

Reid, D-Nev., then told senators to take the weekend off.

The Constitution specifies all tax legislation must originate in the House.

Obama's proposed deal with Speaker John Boehner, R-Ohio, envisions $1.5 trillion to $3 trillion in U.S. spending cuts but few tax changes for two years, officials said. UPI




The U.S. officially hit its $14.3 trillion debt ceiling on May 16, 2011. WSJ

The U.S. Treasury is borrowing $4.22 billion per day, adding to the current debt. Real Clear Politics

A U.S. Treasury Department report to Congress forecasts that the U.S. debt will rise to $19.6 trillion by 2015. Reuters

Congress has raised the federal debt limit 10 times over the past 10 years. National Journal

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