Today at noon EDT, the Senate is expected to vote on the compromise bill to raise the debt limit and reduce the deficit. The House passed the bill yesterday, 269 to 161.
“The U.S. Senate returns this morning at 9:30am ET for debate on the debt ceiling compromise worked out between Congressional leaders and the White House. A vote on final passage is scheduled for noon ET, and Senators have agreed that the bill must get 60 votes to pass,” read an article on C-SPAN.org.
According to the article, the bill raises the debt limit in several increments, preventing the need for another vote until 2013. In addition, the measure would reduce the Federal budget by approximately $2.1 trillion across a 10-year span. To that end, “[t]he plan calls for a special joint committee that would be tasked with recommending where about $1.2 trillion of that deficit reduction should come from — in spending cuts or revenue.”
The article also mentioned that there was an emotional surprise at yesterday’s House vote, when Congresswoman Gabrielle Giffords (D-Ariz.) traveled to Washington to cast her vote in favor of the bill. She received a standing ovation from the assembled Congress.
As of this writing, Senators are currently making statements on the floor, debating the bill.
“A nation that lives beyond her means will eventually live beneath her means. That day is coming,” said Senator Rand Paul (R-Ky.). “The President thinks we need a balanced approach. Well, America thinks we need a balanced budget… America got a deal on Aug. 2, but not a solution.”