US Congress leaders work to seal debt limit votes

WASHINGTON | Mon Aug 1, 2011 10:33am EDT

WASHINGTON Aug 1 (Reuters) - The time for U.S. congressional votes on a proposed debt limit hike was not yet set as of early Monday, while both parties first let members weigh in on the deal negotiated by the White House and congressional leaders.

Republican and Democratic leaders were also gauging whether there are enough votes in both chambers to pass the legislation and send it to President Barack Obama by Tuesday to sign into law. They also must decide which chamber should vote first to give it the best chance of passage.

In Monday's meetings, congressional leaders were to explain the plan to rank-and-file lawmakers, and to listen to their concerns.

The Treasury Department estimates it will run out of borrowing authority on Tuesday, raising the risk of an unprecedented U.S. default.

Congressional leaders do not want to see a repeat of the September 2008 vote in the House when a Wall Street bailout bill failed causing a 30 percent decline in the stock market. The legislation was passed a few days later, after changes were made to attract more support.

Vice President Joe Biden was traveling to Capitol Hill to meet with House and Senate Democrats.

Both the Senate and House could vote as soon as Monday.

(Reporting by Richard Cowan and Margaret Chadbourn, editing by Jackie Frank)

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Comments (1)
jonzank wrote:
Since when does the President make legislation? That is not his job. It is the job of congress and the senate. This deal is going nowhere fast. I would be shocked if tea baggers and liberals buy this lousy bill. Good laws are not made with a gun against your head. This is not about reelections. This bill will profoundly affect future generations of Americans and needs a public debate not a closed room back room deal. Maybe that is how business is done in Chicago, but not in Washington DC. All parties need to grow up and act like adults. Personally, I’d rather take the credit hit and get it done right than rush to judgment.

Aug 01, 2011 10:57am EDT  --  Report as abuse
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