Debt-limit Bill Gets Passed with Ease

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Wednesday February 12th the United States Senate 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 15th, 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 who represents 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, maybe dignifying a no longer split government or maybe because both parties were under massive amounts of pressure.

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Posted In: EconomicsFederal Reserve
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