House Approves "Cut, Cap & Balance" Bill
House approves 'cut, cap and balance' bill 234-190
By Pete Kasperowicz - 07/19/11 08:22 PM ET
The House on Tuesday evening approved the Republican's controversial "cut, cap and balance" bill by a 234-190 mostly party-line vote, although the bill was likely made irrelevant even before its passage by signs of progress in the Senate on a debt ceiling agreement.
President Obama himself announced that the bipartisan Gang of Six group of senators reached a broad agreement to cut $3.7 trillion over 10 years. Additionally, Senate Majority Leader Harry Reid (D-Nev.) said he saw a breakthrough on a smaller agreement that would allow Obama to raise the debt ceiling himself in three stages, subject to a procedural vote in Congress.