July 29 - The U.S. House of Representatives passes Republican legislation providing a short-term increase in the nation's borrowing limit. Rough Cut (no reporter narration).
(ROUGH CUT - NO REPORTER NARRATION) The U.S. House of Representatives on Friday passed Republican legislation providing a short-term, $900 billion increase in the nation's borrowing limit by 218-210 votes. The vote on the bill, which also contains $917 billion in spending cuts over a decade, was delayed 24 hours after the Republican leadership was forced to rework it to win over anti-tax conservatives in their ranks. The plan now goes to the Democratic controled Senate, where it faces certain defeat. Democrats favor of a longer-term $2.5 trillion debt limit increase with about $2.2 trillion in spending cuts. But the passage of the bill breaks weeks of political inertia and opens the door to talks on a compromise that could pass Congress before Tuesday, after which the government says it will be unable to pay all of its bills without a deal. If a compromise is worked out, a final vote in the Senate could take place as early as Monday or by midday on Tuesday, a Senate Democratic aide told Reuters.