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House Passes Debt Ceiling Deal

By: CBS
By: CBS

A reluctant House of Representatives passed a bill to raise the debt limit and cut the deficit.

Lawmakers spent the day clashing over the deal.

"I want to congratulate the Tea Party for extorting a deal made in their image and their image alone," said Rep. Maxine Waters, D-Cali.

"This bill to me is a pig in a poke, and I'm not willing to buy a pig in a poke," said Rep. Eliot Engel, D-NY.

Many democrats said republicans would have to put forth the votes for passage because the GOP got the better end of the deal.

"It's about time this Congress come together and figure out a way to live within our means," said Rep. Sean P. Duffy, R-Wis.

"I believe this is about as good as we're gonna get, and I am supporting it," said Rep. Tim Griffin, R-Ark.

During the vote, the House united to welcome back wounded Arizona Congresswoman Gabrielle Giffords, who returned to the floor for the first time since the shooting in Tucson.

The plan would raise the borrowing limit into 2013 in exchange for one trillion in spending cuts. It creates a bipartisan congressional committee to recommend more cuts by November.

What it doesn't call for directly is new tax revenue, which the White House says President Obama will continue to push for:

"He fully expects that the joint committee will include tax revenue as part of its consideration and its product," said White House Press Secretary Jay Carney.

"I'm confident their focus will be on reducing expenditures in Washington," said House Speaker, John Boehner.

Passage by a larger margin is more likely in the Senate, which is scheduled to vote Tuesday.

The House will be in recess from August 2 through September 7.


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