Congress is fresh off the ‘Great Debt Debate of 2011’, and wasting no time in kicking off Round 2 of this fight. Today, the US Senate rejected a bill that would have prevented raising the Debt Ceiling by another $1.2 Trillion.
CNN.com has reported:
A procedural motion to move forward with the bill was rejected in a largely party-line 44-52 vote. The measure, approved by the GOP-controlled House of Representatives last week, had little chance of either passing Congress or surviving a certain presidential veto. It was considered a largely symbolic gesture on the part of Republicans.
So we shall keep our eyes and ears on the Congress, the President, and the GOP Candidates for President to see how this will wind up.