Tuesday, August 2, 2011

Senate takes up debt limit bill, passage likely (AP)

Speaker of the House John Boehner, R-Ohio, returns to his office after emergency legislation to avert a government default and cut federal spending passed a showdown vote in the House of Representatives, at the Capitol, in Washington, Monday, Aug. 1, 2011.  (AP Photo/J. Scott Applewhite)AP - With just hours left before the national debt bumps against its ceiling, emergency bipartisan legislation to allow the government to borrow more faces one final test in the Senate. Expected passage there sends the bill to President Barack Obama, averting a potentially disastrous, first-ever government default and making a down payment toward taming out-of-control budget deficits.Senate takes up debt limit bill, passage likely (AP)