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US Economy - Page 10

A final hour of debate on a compromise debt-ceiling bill is under way in the U.S. House, with a final vote expected about 6:45 p.m. ET, a senior GOP leadership aide says.

House Democratic leader Nancy Pelosi will support the compromise deal, a Democratic leadership aide says. It was unclear whether congressional leaders had the votes to ensure the bill's passage, particularly in the House.

Democratic and Republican leaders in the Senate are working on an agreement to hold a vote on Tuesday, according to multiple leadership aides from each party.

The legislation needs to reach President Obama's desk by Tuesday at the latest. If the $14.3 trillion debt limit is not increased by then, Americans could face rapidly rising interest rates, a falling dollar and shakier financial markets. Ref. CNN

Economy US

The GOP-controlled U.S. House of Representatives voted to approve a bill that would raise the federal debt ceiling and impose sweeping spending cuts.

A vote in the Senate is expected to take place on Tuesday, sources say. That is the day the federal government will hit its debt ceiling, and without congressional action will be unable to meet some of its financial obligations.

The agreement reached Sunday by President Barack Obama and congressional leaders from both parties calls for up to $2.4 trillion in savings over the next decade, raises the debt ceiling through the end of 2012 and establishes a special congressional committee to recommend long-term fiscal reforms. Ref. CNN

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The Senate approved a last-minute compromise plan to raise the nation's debt ceiling, which will impose sweeping new spending cuts and will narrowly avert an unprecedented national default.

The House of Representatives approved the measure Monday by a 269-161 vote, overcoming opposition from liberal Democrats and tea party Republicans. Passage in the Senate required a supermajority of 60 votes.

The measure needs to be signed into law by President Barack Obama before the end of Tuesday.

The agreement - reached Sunday by Obama and congressional leaders - calls for up to $2.4 trillion in savings over the next decade, raises the debt ceiling through the end of 2012 and establishes a special congressional committee to recommend long-term fiscal reforms. Ref. CNN

Page 10 Economy US

US turns other cheek at China debt lashing:


The United States is pointedly turning the other cheek despite an explosion of criticism of its debt debacle in China's official media, including a charge its economy is no more than a Ponzi scheme. Ref. Source 8

Economy US

Beijing Downgrades US-Treasury to A+ - Is Anybody Listening?:

The most important voice in the debate about the credit worthiness of America's debt, is not the twisted opinions of the US-credit rating agencies, but rather, that of China's credit rating agency Ref. Source 2

US Economy

TIn a major blow to the Republican leadership, the U.S. House on Wednesday defeated a temporary spending measure that would have required spending cuts to offset additional money for federal disaster relief efforts.

The additional funds are needed because recent major floods from Hurricane Irene along the East Coast and wildfires in Texas exceeded the amount these agencies have left in their coffers to support recovery and rebuilding efforts.

The measure would have allocated fewer resources to the Federal Emergency Management Agency and the Army Corps of Engineers for disaster response than did the bill the Democratic-led Senate approved last week. Ref. CNN

US Economy - Page 10

The House passed a continuing resolution early Friday to prevent a possible partial government shutdown after the current fiscal year ends on September 30.

The measure next heads to the Senate, where it will likely face sharp Democratic opposition. Ref. CNN

US Economy Politics Business Civil & History - Page 10

The Democratic-controlled Senate rejected a House GOP temporary spending bill in a procedural test vote Friday, inching the federal government closer to yet another potential shutdown and risking the loss of sorely needed disaster recovery funds.

Before the measure was even formally presented, senators cast it aside in a 59-36 vote.

Hours earlier, GOP leaders rammed the bill through the Republican-controlled House in a 219-203 vote after adding a series of cuts vehemently opposed by their Democratic counterparts.

Both chambers of Congress must agree on new spending legislation to avoid a partial shutdown after the close of the current fiscal year on September 30. Congress is tentatively set to begin a weeklong recess Monday.

The measure under deliberation - which would keep Washington running through November 18 - includes critical new disaster funding assistance for states hit hard by Hurricane Irene, Tropical S torm Lee and a series of recent wildfires and tornadoes. But Republicans want less disaster aid than their Democratic counterparts and want to pay for it partly by slashing funding for programs designed to spur clean energy innovation. Ref. CNN