WASHINGTON (AP) — The Senate has killed the latest effort by the House to raise the government’s borrowing cap.
Democrats and several Republicans killed the GOP measure by a 59-41 vote Friday night, just minutes after it arrived from the House. Democrats opposed the measure because it would require another painful debt-limit debate early next year.
The move continues a standoff over the debt limit but could set the table for negotiations this weekend on compromise legislation that could pass the Democratic Senate and the GOP-controlled House before an Aug. 2 deadline to prevent a potentially disastrous default on U.S. obligations like interest payments and Social Security checks.
The measure would have immediately lifted the government’s borrowing cap by $900 billion. It barely squeaked through the House.
Copyright 2011 The Associated Press.