August 2nd, 2011
11:40 AM ET

Senate expected to pass debt plan, end crisis Tuesday

The U.S. Senate is scheduled to vote on a last-minute compromise plan Tuesday to raise the nation's debt ceiling while imposing sweeping new spending cuts and narrowly averting an unprecedented national default.

Senators are set to vote on the plan about noon. Although the bill requires a supermajority of 60 votes to clear the 100-member chamber, it is expected to be easily approved.

The measure was approved by the House of Representatives on Monday by a 269-161 vote, overcoming opposition from unhappy liberal Democrats and tea party Republicans.

The measure needs to be signed into law by President Barack Obama before the end of the day. If the current $14.3 trillion debt limit is not increased by that point, Americans could face rapidly rising interest rates, a falling dollar and shakier financial markets, among other problems.

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soundoff (48 Responses)
  1. TERROR ALERT

    YES , WE CAN...YES , WE CAN...WE WILL WIN IN WAR ON TERROR (30 whities or what are terrorists will never come back alive...thank you lord....aaamen).

    What do you mean tragedy! It was just a birthday present for planet apes president !!! That's all ! Feels great to flip hamburgers and hip hop atop of good news...makes you feel vibrant and energized !!!

    ARIZONA = UTOYA = GOVERNMENT‘S "AFTERLIFE" CASH & $$ FLASH MOB (there was no shooting in Utoya or Arizona, but instead tear gas and on faces of multiculturalism maniacs while calling you a terrorists) !!! stateofterror.blogspot.com/ or stateofterror.wordpress.com/

    OBAMA = STALIN = BUSH or USA = SOVIET UNION
    avsecbostjan.blogspot.com/ or avsecbostjan.wordpress.com/

    Whitie is fighting war on terrorism just to come home and be pronounced as terrorist...turned in Timothy, jobless, homeless ...YESSS, WE CAN...YESSS, WE CAN...GABBY OPENED HER EYES (Obaminator’s psychotic speech in Tucson = failed “Apocalypse Now“)

    TEARS WON'T DO YOU ANY GOOD !!! AS BUSH STATED "THAT'S WHAT THEY ARE PAID FOR"(to die ) !!

    Don't worry O(s)bama, you have just saved USA what is lots of Dollars in your DEBT DEALS(DEAD AND ILL) as those best of America or Navy Seals would also grew older and then you already know how it goes !!!

    August 14, 2011 at 2:43 pm | Report abuse | Reply
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