The U.S. Senate and President Barack Obama are expected to easily pass a debt ceiling compromise Tuesday, closely escaping economic disaster. The deal includes cutting the country’s deficit and lifting its $14.3 trillion debt ceiling enough to last until after the November 2012 elections. The debt battle has raged in Washington for weeks, as Democrats and Republicans argued over spending cuts and revenue generation through tax hikes. The bitter conflict made investors nervous about a weak domestic economy, and elevated fears about debt problems in Europe. Arizona Democratic Representative Gabrielle Giffords made her first trip to the Washington since being shot in the head in January to cast her vote – a “yes” – at Monday’s House vote on the debt bill.
Tuesday, August 2, 2011