House passes bill to increase debt limit and reduce future budget deficits; Senate vote expected by August 2

Washington National Tax Services
The House today voted 269 to 161 to approve legislation (S. 365) that provides for an increase in the current $14.293 trillion federal debt limit and deficit reductions totalling at least $2.1 trillion between 2012 and 2021, according to the Congressional Budget Office. The Senate is scheduled to vote on the legislation on Tuesday, August 2, the date after which the Treasury Department has warned that the federal government would be unable to meet all its financial obligations.

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