House votes to raise debt ceiling
The U.S. House of Representatives passed a bill Monday night to raise the nation’s debt ceiling and hack more than $2 trillion of the deficit — a step that set the federal government on track to avoid default on its debt, an event some economists claim would plunge the nation into further economic despair. The vote, which came just after 7 p.m., drew half of the Democrats and most of the Republicans in the Republican-controlled house in a vote that trickled until the final seconds, finally passing 269-161. The decision came on the eve of the deadline for the federal government to forge a solution — if the bill passes the Democrat-controlled Senate Tuesday, the nation will avoid the possibility of a default. Although the multi-trillion dollar cuts eventually could translate into public university funding reductions, economics professor Charles Ballard said Congress’ number one priority should be finding a solution — anything to stop the federal government from defaulting on its debt. “It’s good to get something passed,” Ballard said.
