House Passes Tea Party-Backed Debt Plan
Cut, Cap, And Balance! House Passes Tea Party-Backed Debt Plan
WASHINGTON—The House has passed legislation conditioning a $2.4 trillion increase in the nation’s borrowing cap on a tea party-backed plan to require immediate spending cuts and a constitutional amendment requiring a balanced budget.
The 234-190 vote sends the “cut, cap and balance” plan to the Democratic-controlled Senate, where it has virtually no chance of passing.
With the House tally cast, attention is returning to efforts in the Senate to provide President Barack Obama authority to impose an increase in the debt limit without approval by Congress and on a new Senate “Gang of Six” proposal to cut the deficit by almost $4 trillion over the coming decade.
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