Legislation to raise the U.S. debt limit by $2.4 trillion failed to win House approval today in a vote Democrats said was rigged to ensure its defeat.
Republicans who control the House last week announced the vote as a way to demonstrate that lawmakers don't support extending the $14.3 trillion debt limit without an agreement with President Barack Obama's administration on significant spending cuts to curb government spending.
The vote on the debt-limit increase was 97 in favor, all Democrats, and 318 opposed -- 236 Republicans and 82 Democrats. Support for the increase not only failed to win a simple majority; it fell 180 votes short of the two-thirds vote needed for passage under the streamlined procedures Republicans used to bring the measure to the floor.Do you know what's the best toys gifts sale? as for the coming children's day.
The House vote was held as congressional leaders seek agreement on a package of spending cuts in negotiations chaired by Vice President Joe Biden in time to raise the debt ceiling by an Aug. 2 deadline. Biden has said negotiators are trying to find savings of $1 trillion over 10 years.
Today's vote won't fan fears among bond traders that the U.S. may default on its obligations because "the markets are used to considerable amount of theater before any major debt- ceiling debate," said Lou Crandall, chief economist for the Wrightson ICAP LLC unit of London-based ICAP Plc, the world's largest broker of trades between banks.It has been as konw zoobles for sale is the best popular in the children.It can develop their imagination.
Eye on Deadline
"People generally assume" that "these sorts of issues won't come to a head just before the projected deadline," he said in a telephone interview. "That's still a couple of months off," so "no one is anticipating an action at this point."power balance wearer feeling in a period of time to bring the body relaxed, clear-headed, blood circulation, so that head, neck, shoulder, back to relax quickly.
For all of Washington's debate about the deficit, bond market yields in the U.S. are lower now than when the government was running a budget surplus a decade ago, even though the amount of marketable debt outstanding has grown. The yield on the benchmark 10-year Treasury note was at 3.06 percent at 5:00 p.m. New York time, according to Bloomberg Bond Trader prices -- well below the average of 5.48 percent in the period from 1998 to 2001.
White House press secretary Jay Carney earlier today said the administration believes that Congress ultimately will act to raise the debt ceiling.
"Regardless of any other development the debt ceiling must be and will be raised," he said. He declined to characterize today's House vote, other than to say it's "an expression of a point of view" regarding the need to address deficits.
"We share the concerns that drive those views," he said. "In the end, the debt ceiling has to be raised."