[转贴] Senate approves bill to raise debt ceiling; sends to President Obama

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http://www.cbsnews.com/8301-503544_162-20086930-503544.html

Updated: 12:43 p.m. ET
The Senate voted on Tuesday to approve a deal to raise the nation's borrowing limit, voting 74-26 for a bill that would cut government spending by trillions and effectively raise the debt ceiling through the end of 2012. The bill will now be sent to President Obama, who is expected to sign it immediately.

The bill was brokered Sunday night in last-minute negotiations between the White House and congressional leaders.

Senate Minority Leader Mitch McConnell, R-Ky., a key player in the negotiations, and Majority Leader Harry Reid,D-Nev., both backed the bill - paving the way for its easy passage in the Senate.

The legislation was brought to a vote in the House Monday night after weeks of contentious negotiations and closed-door deal-making that fell apart on multiple occasions. Despite serious reservations among both Republicans and Democrats, the bill passed 269-191 with bipartisan support in the House.

In debate preceding the Senate vote, McConnell noted that while the back and forth may not have been pleasant, "it was a debate that Washington very much needed to have."

"The legislation that the Senate is about to vote on is just a first step - but it is a crucial step toward fiscal sanity," he added.

Reid noted in remarks on the Senate floor that that the "American people are not impressed with the no new revenue" in the bill, but that, nevertheless, "the product we have here is one of compromise."

The plan will cut nearly $1 trillion in government spending over the next 10 years and raise the amount of money the U.S. is legally allowed to borrow by enough to avoid another showdown on the matter before next year's presidential election.

It will also create a special congressional committee of a dozen members -- three from each party from the House and the Senate - that would be tasked with coming up with recommendations for $1.5 trillion in further deficit reductions by Thanksgiving. Those reductions could include cuts from defense and social safety net programs, as well as changes to the tax code. If the recommendations are not created or approved by Congress by the end of the year, there will be more than $1 trillion automatic spending cuts unless a balanced budget amendment to the Constitution is sent to the states.