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Long Battle on Debt Ending as Senate Set for Final Vote
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The U.S. House of Representatives passes the McConnell-Biden deal on raising the debt ceiling by 269 to 161. For its passage through the House 174 Republicans and 95 Democrats voted in favor, 66 Republicans and 95 Democrats voted against it. Republicans voted for it with a proportion of 3 in favor and 1 against, compared to Democrats where it was 1:1 and as many opposed it as supported it. It took much persuasion from Vice President Biden and Speaker Boehner to get the votes in favor of passage. Republicans who opposed it were concerned about the modest cuts in spending. Democrats who opposed it considered it a giveaway to Republicans with no tax increases or addressing of tax expenditures. The deal's trigger provision to require cuts in spending to be 50-50 for defence and entitlements was used by Biden to show Democrats that the next $1.2 trillion in cuts would take a more balanced approach. Democrats would have leverage to make their case for savings through tax increases or tax expenditures.
The Balanced Budget Amendment in the U.S. Congress in August 2011
07/14/2011
Critics say the balanced budget amendment would prevent the use of countercyclical policies in a downturn like the present one facing the U.S. economy. Because of the tendency of politicians to avoid difficult decisions and "kick the can down the road," it serves to focus attention on making the cuts in spending, including tax expenditures, that can help reduce the deficit to sustainable levels.
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Why a balanced-budget amendment is too risky - The Washington Post
Washington Post 07/19/2011
Wall Street Journal 07/19/2011
For Republican Freshmen, the Power of No
New York Times 07/29/2011
Experts evaluate the impact of the Debt Ceiling Deal of August 2, 2011 on the U.S. economy
07/14/2011
Former U.S. Treasury Secretary Summers and other experts evaluate the impact of the debt ceiling deal. The deal requires the setting up of a debt panel to come up with additional savings.
Grouped Articles
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
New York Times 10/20/2013
Moving forward after the debt deal - The Washington Post
Washington Post 08/02/2011
Long Battle on Debt Ending as Senate Set for Final Vote
New York Times 08/01/2011
That Monolithic Tea Party Just Wasnât There
New York Times 08/01/2011
Deficit Battle Shifts to Panel
Wall Street Journal 08/03/2011
The events in the 2011 U.S. deficit reduction and debt ceiling talks between the Obama White House and Republicans
07/13/2011
Grouped Articles
Wall Street Journal 07/13/2011
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
GOP Hopefuls Betting Voters Want Deep Cuts
Wall Street Journal 07/18/2011
Why we need a third party - The Washington Post
Washington Post 09/26/2011
Bob Woodward: The inside story of how Obama and Boehner negotiate - The Washington Post
Washington Post 09/07/2013
Why Democrats Are Dug in on Shutdown Impasse
Wall Street Journal 10/14/2013
The U.S. Debt Ceiling and Deficit Reduction Deal of August 2, 2011
01/16/2009
The deal finally put together by Vice President Biden and Senate minority leader Mitch McConnell on August 2, 2011. The deal requires the setting up of a debt panel to come up with additional savings.
Grouped Articles
Wall Street Journal 07/13/2011
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
New York Times 10/20/2013
From Big Spending to Big Cuts, as Economy Stalls
New York Times 07/31/2011
Could this Deal Raise Budget Deficits
New York Times 08/01/2011
The President Surrenders on Debt Ceiling
New York Times 07/31/2011
Raising the U.S. Debt Limit Ceiling in 2011
04/19/2011
Deficit reduction negotiations between the White House and the Republicans in July 2011.
Grouped Articles
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
GOP Hopefuls Betting Voters Want Deep Cuts
Wall Street Journal 07/18/2011
New York Times 10/20/2013
No Plan B if Debt Ceiling Not Raised
Wall Street Journal 05/18/2011
House rejects proposal to raise debt ceiling - The Washington Post
Washington Post 06/01/2011
New York Times 06/01/2011
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