Senate Passes Debt Deal

No surprises as bill goes to Obama for his signature
By John Johnson,  Newser Staff
Posted Aug 2, 2011 11:46 AM CDT
Senate Majority Leader Harry Reid speaks to the media on Monday.   (Getty Images)

(Newser) – Just one more step to go now: The Senate passed the debt ceiling bill this afternoon as expected and sent it along to President Obama for his quick signature, reports MSNBC. The legislation, which passed 74-26, allows the ceiling to be raised just ahead of the midnight default deadline. It calls for more than $2 trillion in budget cuts over the next decade and establishes a bipartisan committee to find future cuts. The markets aren't exactly overwhelmed: The Dow was down about 100 points at mid-day after weak data on consumer spending, notes MarketWatch.

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