The New York Times
Tuesday, August 2, 2011 -- 12:43 PM EDT
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Senate Passes Debt Plan, Averting Default but Leaving Fissures
The Senate put an end to months of partisan impasse on Tuesday, passing a landmark budget agreement to raise the debt ceiling and sending the measure to the White House for President Obama's signature — just hours before the government's borrowing authority was set to run out at midnight.
The bipartisan vote was 74-26, a margin that belied the intensity of a fight that has left both parties bruised and exhausted.With the ambivalent support of Congressional leaders in both parties and Mr. Obama, the compromise, which passed the House with bipartisan support on Monday night, averts a potential default on the government's debt and provides for increases in the debt ceiling to be phased in, with compensating budget cuts, lasting beyond the 2012 elections.
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http://www.nytimes.com/2011/08/03/us/politics/03fiscal.html?emc=na
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