Fri., July 29, 2011
House approves debt bill
WASHINGTON — Riven by partisanship, the Republican-controlled House passed legislation Friday night to prevent a threatened government default and bundled it off to a swift and certain defeat in the Senate.
“We are almost out of time” for a compromise, warned President Barack Obama as U.S. financial markets trembled at the prospect of economic chaos next week.
The final outcome — with the White House and Senate Democrats calling for compromise while criticizing Republicans as Tuesday’s deadline drew near — was anything but certain.
The House vote was 218-210, almost entirely along party lines.