US DEBT-LIMIT BILL AT SENATE
02 Aug, 2011
US debt-limit bill goes to Senate before deadline
The US Senate is to vote on a legislative bill today (August 2nd), which plans to cut spending by $2,400bn over 10 years and increase the debt ceiling until 2013, just hours before the deadline.
This comes the day after the House of Representatives backed the proposed bill, which, if passed into law, will have averted the prospect of the first full-scale US federal debt default.
If approved, the bill will be signed into law by President Barack Obama.
The Senate vote will take place just a few hours before Washington is due to cease to be able to meet all its bills, according to the US treasury department.
On Monday, the bill passed by a clear margin of 269 votes to 161 in the House.
According the BBC, on announcing the deal on Sunday July 31st, President Obama said that, though it was not the one he would have preferred, it was a “serious down-payment” on the US deficit.