Debt Ceiling Bill Passes House; Senate Set to Vote Tuesday
- Paul Stanley - Christian Post Reporter
- Aug 1, 2011
The compromise bill provides for an immediate increase of $400 billion dollars and allows President Obama to request another $500 billion in the next several months.
However, Congress would stop the second installment by a veto proof two-thirds margin. A further increase of $1.2 and $1.5 trillion would be available after a special committee, also known as a “super committee,” of twelve members identifies matching levels of spending cuts. The committee must complete its work by Thanksgiving of 2012 and Congress must hold an up or down vote on the recommendations by December 23 of the same year.
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