Sunday, July 31, 2011

Senate Votes Down Reid's Debt Deal 50-49

For those counting...4 hours until Asia opens.

I gotta feelin
That tonight's gonna be a good night.

A Democratic-backed plan to raise the U.S. debt limit failed to overcome Republican opposition in the Senate, even as leaders of both parties said they were within reach of an agreement to avert an Aug. 2 default.
Senate Republican leader Mitch McConnell said that congressional negotiators and President Barack Obama are “very close” to a deal to raise the debt limit, having made “dramatic progress” on a compromise yesterday.
The Democratic plan that Senate Majority Leader Harry Reid had been advancing before negotiations led to the framework of another potential agreement fell short of the 60 votes needed to advance to debate on a measure most Republicans opposed.
The vote was 50-49.

Republicans and the White House are nearing agreement on another plan that would raise the $14.3 trillion debt limit while cutting $1 trillion in spending and charging a special committee with proposing additional savings of up to $1.8 trillion, according to people familiar with the discussions.
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