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Congress does not increase debt limit

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May 31, 2011 | 1,694 views | Post a comment

From The Wall Street Journal

The House rejected a $2.4 trillion increase in the federal borrowing limit -- a symbolic vote that House GOP leaders said would demonstrate that Congress will not increase the debt ceiling unless it is linked to a deficit-reduction plan.

The vote, which was 97-318 and far below the two-thirds majority needed for passage, was just one step in maneuvering between the two parties over the debt limit. It comes as a bipartisan group of congressional leaders is working with the White House on a deficit-reduction package, and two months before the deadline when the Treasury Department said the government risks defaulting on its obligations.
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