Tuesday, August 2

Debt Ceiling Deal Passes Senate

The National Debt Ceiling

The Senate has passed the bill to add an additional $2.4 Trillion to the national debt ceiling.

The bill was passed just 12 hours before United States reached it's debt ceiling deadline.

The Senate voted 74 to 26 in favor of passing the bill. The expectation (we know this will be short lived) is that this increase should cover governmental debt ceiling needs through the end of 2012.

This deal is - truly a bi-partisan deal as it effectively has angered both the Democrats and Republicans.

Next up - President Obama will speak to the nation on the signing of the debt ceiling legislation and sign it into law.

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