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Congress set to vote today on debt ceiling

The U.S. Senate and House of Representatives are expected to vote today on a deal to raise the nation's debt ceiling and cut the federal deficit. The votes would come one day before the United States faces the prospect of a default on its debt.

The Senate plans the first vote on the deal this afternoon, a Senate Democratic leadership aide told CNN. If the measure overcomes an expected Republican filibuster attempt, the House could vote on it Monday night, the aide said.

The proposed deal includes $2.4 trillion in deficit reduction over 10 years while authorizing an increase in the federal debt ceiling by a slightly smaller amount to allow the government to pay its debts through 2012, according to information from the White House and a presentation for Republican colleagues by House Speaker John Boehner.

Although the deal does not include tax increases, that discussion is not over, said Sen. Dick Durbin, D-Ill. A special joint congressional committee that will be formed to consider further deficit reductions after an immediate $917 million in cuts should look at all options, he said on CNN's "American Morning.

Stocks opened lower after a weak manufacturing report negated earlier gains from the debt-ceiling news.

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