negotiations

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House Defeats Bill to Raise Debt Ceiling

Jun 01, 2011By

In a move designed to show that the house will not vote to increase the national debt limit without the inclusion of significant budget cuts, the house defeated a measure to raise the national debt level by a vote of 318-97.   The bill sought to raise the federal government's debt limit by about $2.4 trillion.  The government has already reached the current limit of $14.3 trillion and Treasury Secretary Tim Geithner has stated that unless lawmakers increase the debt ceiling by August 2, the country could begin default on debt, leading to potentially devastating economic consequences after that.

3d rendering of a row of luxury townhouses along a street

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