Congress set to vote today on debt ceiling

Author:
Publish date:

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.

Click here for the full article.

Related

Metstrade Day Three

Soundings Trade Only Editor in Chief Michael Verdon continues his conversations with marine industry executives from the U.S. and around the world.