House Votes Against “Clean” Debt Ceiling Bill by a Vote of 318 to 97

U.S. Treasury Secretary Timothy Geithner has set August 2nd as the deadline for raising the debt ceiling above the current legal limit of $14.3 trillion before the U.S. begins defaulting on its debts. On May 31st, the House of Representatives voted down a bill to raise the nation’s debt ceiling that did not include spending cuts. Republicans voted along party lines, sending a clear message that they will continue seeking deep spending cuts and reform of entitlement programs (Medicare, Medicaid, and Social Security) as a condition for raising the debt ceiling.

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