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Debt-limit Bill Gets Passed With Ease

The United States Senate on Wednesday finally put a halt to this debt limit fight. The final Debt-Limit Bill stands at 55-43, which was in favor of limiting the debt ceiling up until March 15, 2015, fortunately a long way from now. This bill also allows the United States Treasury Department to sell debt as they see fit and necessary. According to the Associated Press, all of the yes votes came from President Obama’s Democratic allies.

Tea party Republican Ted Cruz of Texas held a filibuster for an hour. According to the Wall Street Journal, he was demanding that the procedural voting require 60 senators who supported the bill.

Fortunately for the Democrats, Mitch McConnell, a representative from Kentucky, and other republicans transitioned from originally saying no to yes.

Ironically, all twelve of the original Republicans who had voted with the Democrats switched sides, and ended up voting against the final passage of the bill.

This was by far one of the smoothest transitions of a bill from the beginning to the end, which may be dignifying a nolonger split government, or maybe because both parties were under massive amounts of pressure.

Posted-In: Ted Cruz U.S. SenateNews Wall Street Journal Economics Federal Reserve Media

 

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