US House Approves Debt Ceiling Bill

The US House of Representatives passed the bipartisan bill to avert a massive debt default and reduce trillions in government spending, paving way for the austerity measure to face a Senate vote.

The Budget Control Act of 2011 was passed by the House of Representatives by 269-161, a day after leaders of both the Republican and Democratic parties and the White House reached an agreement. The voting in the House was marked by the dramatic appearance of Congresswoman, Gabrielle Giffords, who survived an assassination attempt in January.

Giffords voted yes for the bill, receiving a standing ovation from her colleagues in the House.

The bill is scheduled to be voted by the Senate tomorrow. Once passed by the Senate, it would go to the White House for US President Barack Obama to sign into law, which would prevent the government from defaulting on its debt.

From: http://ping.fm/DcFLa