With the government running on fumes, Congress and the White House moved quickly Monday toward expanding Treasury’s borrowing authority and putting in motion an ambitious plan promising between $2.1 trillion to $2.4 trillion in deficit reduction over the next 10 years.The hastily-written 74-page bill—never reviewed by a legislative committee and rushed to the floor— cleared the House on a 269-161 vote late Monday. The Senate is poised to act Tuesday—the very day of the threatened default. But passage seems all but certain given the margin in the House and unified support of Senate leaders of both parties.Read more here.
UPDATE: Senate passes, Pres. Obama signs debt ceiling bill to avoid default.