House Defeats Reid's Debt Bill as Hopes Remain for Compromise

Pittsburgh, Pennsylvania – July 30 –
The House has defeated the Reid debt limit bill 246-173.
Now, the Senate is gearing up:
    But Reid is still hoping that his version, which would raise the debt limit by $2.4 trillion while cutting spending by $2.2 trillion, will pass the Senate, beginning with a test vote in the wee hours of Sunday morning to break a GOP filibuster.
    The outcome of the weekend endgame was anything but clear as Democrats and Republicans remain at odds over how to force lawmakers to come up with additional budget savings later this year beyond the almost $1 trillion in agency budget cuts over the coming decade that they basically agree on.