House Approves Debt Ceiling, Senate to Vote Today

Last night the House approved a measure to raise the debt ceiling, with 269 voting in favor and 161 against. Today the Senate will put the measure to a vote, and congressional leaders are confident the measure will pass and default will be averted. The measure must be ratified today in order to ensure that the government has enough money to keep paying its bills, according to the Treasury.

Hot Feature: The U.S. Debt Deal: Your Cheat Sheet to the Framework.

While the last-minute deal does allow the debt ceiling to be raised so the government does not default on its obligations, it does little to satisfy Republicans or Democrats in Congress. It includes only modest reductions to the deficit, $2.4 trillion over the next 10 years, that fall short of the savings wished for by President Obama and Republican leaders, while it fails to increase tax revenue as Democrats wished. But polarization in Congress made it difficult for either party to get what they wanted, and the result was a measure that just barely does enough, and might still allow the U.S. credit rating to be lowered.