Senate Sets Aside House Debt-Ceiling Bill: "
WASHINGTON, D.C. (TheStreet) -- The Republicans and Democrats remained in deep conflict late Friday as Congress struggled to find a way to compromise and lift the federal debt limit before a rapidly approaching Aug. 2 deadline.
The latest development is the Democratic-controlled Senate voting 59-to-41 in favor of setting aside a Republican bill to raise the debt ceiling that passed the House of Representatives in a tight 218-to-210 vote earlier this evening.
Senate Majority Leader Harry Reid (D., Nev.) is now expected to introduce his own deficit reduction bill, which would face a House vote over the weekend, possibly as soon as Saturday afternoon.
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