Senate Kills Latest House Debt Measure - Spokane, North Idaho News & Weather KHQ.com

DEBT SHOWDOWN DRAMA: Senate Kills Latest House Debt Measure

WASHINGTON (AP) - The Senate has killed the latest effort by the House to raise the government's borrowing cap.

Democrats and several Republicans killed the GOP measure by a 59-41 vote Friday night, just minutes after it arrived from the House. Democrats opposed the measure because it would require another painful debt-limit debate early next year.

The move continues a standoff over the debt limit but could set the table for negotiations this weekend on compromise legislation that could pass the Democratic Senate and the GOP-controlled House before an Aug. 2 deadline to prevent a potentially disastrous default on U.S. obligations like interest payments and Social Security checks.

The measure would have immediately lifted the government's borrowing cap by $900 billion. It barely squeaked through the House.

      
 (Copyright 2011 by The Associated Press.  All Rights Reserved.)
   

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