Senate Votes For Debt Deal
Narrowly avoiding a national default on it's debts, the US Senate passed the raising of the debt ceiling in a 74-26 vote. The raising of the ceiling will be offset by $2.4 trillion in budget cuts. Where will these cuts come from?
The House and Senate leaders will appoint a 12 person "Super Congress" that will then recommend the $1.5 trillion in future tax cuts. This "Super Congress" will have until Thanksgiving to convince Congress to approve of their recommended tax cuts. If no agreement is made, the cuts will be made automatically and spread evenly between domestic and military spending.
19 Republicans voted against the debt deal.
After voting no, Senator Rand Paul, R-Ky., had this to say,
America will not default on her debt today. In fact there was never any doubt that she would pay her bills," he said. "We will default in a more insidious way. America will default by increasingly paying its bills in money that's worth less and less every day.
How do you feel about the vote made by the Senate today?