7:27pm

Tue May 31, 2011
The Two-Way

House Rejects Bill That Would Have Raised Debt Limit

As expected, The House of Representatives rejected a bill that would have raised the U.S. debt limit. The bill was a so called "clean bill," which did not include any spending cuts.

Reuters reports:

By a vote of 318-97, the Republican-controlled chamber overwhelmingly rejected President Barack Obama's call to increase the $14.3 trillion debt limit without conditions. Some Democrats who support Obama's position voted against it.

The AP reported earlier that the vote was mostly political theater to highlight the need to pass budget cuts along with a increase in the debt ceiling. The vote, Republicans said, did not "portend a final refusal to grant an increase."

That, the AP reports, was likely the reason Wall Street reacted to the vote with a yawn. The Dow added 128 points today.

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