US Senate approves debt deal

August 3rd, 2011 - 12:38 am ICT by Aishwarya Bhatt  

Washington, Aug 2 (THAINDIAN NEWS) In a dramatic fashion, the US Senate has finally cleared a hurdle in the bid to prevent the US from defaulting on its debt for the first time in history. The bill which raises the level of borrowing in the United needed 60 votes to pass in the Senate.

At the end of voting, it ended 74-24 in favor of the passage of the bill. After voting on Tuesday, the bill was quickly rushed to President Barack Obama who signed it into law on the same day. Over the weekend, the Republicans and the Democrats in the lower house of Congress agreed on a deal and cleared the first hurdle by approving the bill.

The bill will make $2.1 trillion cuts over the period. Shortly after signing the bill into law, Obama said that, “both parties need to take responsibility for improving this economy‚Ķ We can’t balance the budget on the backs of the very people who have borne the biggest brunt of this recession.”

The President urged both parties in the two Houses to always consider passing laws the will create jobs in the country. The new law has raised the US debt ceiling and will expire in 2013.

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