House approves debt ceiling compromise 269-161; Senate schedules vote Tuesday

It’s about time! The Republican-controlled House of Representatives approved the debt limit compromise this evening.

The Budget Control Act of 2011 (S.365) passed the House with a 269 to 161 vote.

The compromise will raise the debt limit by at least $2.1 trillion and eliminate the need for another debt limit increase before 2013. The first round of spending cuts will amount to $1 trillion from 2012 – 2021. The second round of $1.5 trillion spending cuts will be identified by a bipartisan congressional committee by Nov. 23; Congress will have until Dec. 23 to enact those cuts. If Congress does not take action, $1.5 trillion will be cut from domestic and defense spending at 50/50.

The Senate is scheduled to vote on the measure tomorrow. Sixty votes are required to pass the debt limit increase in the Senate. Pending the Senate’s approval, President Barack Obama will likely sign the bill into law tomorrow to avert default.

Learn More: