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The Senate passed, 74-26, on Tuesday the compromise legislation to raise the debt ceiling and cut the deficit that President Barack Obama and congressional leaders agreed to on Sunday.
The Republican-controlled House approved the debt measure on Monday, 269-161—with 66 Republicans voting against it and 95 Democrats voting for it.
Obama was expected to sign the legislation into law quickly after the Senate vote. The president made strong comments about what he expects in future spending cuts.
The current bill calls for $2.1 trillion in spending cuts over 10 years and is expected to meet borrowing needs until after the 2012 elections. The plan also creates a 12-member congressional bipartisan committee that’s charged with finding an additional $1.5 trillion in spending cuts over 10 years by Nov. 23.
In remarks after the Senate vote, Obama said that while congressional passage of the compromise measure averted a default that would have “devastated” the nation’s economy, and that the measure “is an important first step to ensuring that as a nation we live within our means,” it also “allows us to make key investments in education and research that will lead to new jobs and assures we are not cutting too abruptly while the economy is still fragile.”
But, Obama continued, the compromise measure requires a “next step” in which both sides of Congress must come up with a “larger plan to cut the deficit, which is important to the long-term health” of the nation’s economy. “Since you can’t close the deficit with just spending cuts, we’ll need a balanced approach, where everything is on the table,” he said.
That means, he continued, “making some adjustments to protecting health programs like Medicare so they are there for future generations,” and it also means “reforming the tax code so that wealthy Americans and big corporations pay their fair share.” The nation, he said, “can’t balance the budget on the backs of the very people who have borne the brunt of this recession.”
“Everyone”—including the wealthy and corporations—is going to have to “chip in” to help reduce the deficit, Obama said, “and that’s the principle that I’m going to fight for” during the next step in the deficit reduction process.
AARP, the powerful lobbying group for retired Americans, said in a statement after the Senate vote that while it was “gratified” that the compromise package “did not cut Social Security, Medicare and long-term care in the first round” of the plan, and that the group is “pleased” all of these benefits are protected if the “so-called ‘super committee’ fails to reach an agreement later this fall,” AARP will “remain vigilant in our efforts to protect the health and retirement security of seniors and future retirees.”
In the Senate vote on Tuesday, 28 Republicans, 45 Democrats and one Independent voted in favor of the proposal, while 19 Republicans, six Democrats, and one Independent voted against the agreement.
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President Obama signed a hard-fought, last-minute compromise bill to avert economic catastrophe Tuesday, saying the deal to cut spending and increase the nation's $14.3 trillion debt limit marked an "important first step to ensuring that as a nation we live within our means."
The bill, he said, was the outcome of a "long and contentious debate" to avoid a man-made economic disaster that he described as creating "unsettling" economic uncertainty. He said that while voters chose divided government, "they sure didn't vote for dysfunctional government."
"It shouldn't take the risk of default, the risk of economic catastrophe, to get folks in this town to get together and do their jobs," the president said. He added: "Our economy didn't need Washington to come along with a manufactured crisis to make things worse."
Mr. Obama signed the legislation in a closed-door ceremony Tuesday afternoon after making remarks at the White House. It will effectively increase the nation's borrowing authority through the end of next year and promises more than $2 trillion in deficit reduction over ten years.
Now that the debt limit fight is effectively over, Mr. Obama and Congressional Democrats say they will pivot to a focus on jobs and the economy, which they say should be Congress' top priority.
"We've got to do everything in our power to grow this economy and put Americans back to work," Mr. Obama said Tuesday. He called on Congress to extend middle class tax cuts and unemployment benefits, pass trade deals and plow money into infrastructure when it returns from its August recess.
The Obama administration had warned that if lawmakers did not act on the debt limit by midnight, the nation would no longer be able to pay many of its obligations - potentially including social security checks, military pay and other payments - and could default on its debt, causing worldwide economic chaos as well as increased borrowing costs for Americans.
The Senate passed the bill 74-26 shortly before Mr. Obama made his remarks, easily surpassing the 60 votes needed to overcome a filibuster. That vote followed Monday night passage in the House, which included a surprise affirmative vote by Democratic Rep. Gabrielle Giffords, who is recovering from an assassination attempt.
Both fiscally-conservative Republicans and liberal Democrats rejected the deal, with the former saying it does not go far enough to address the nation's debt and deficit crisis and the latter complaining it cut too much and did not include revenue increases. Though the deal will reduce the deficit by trillions of dollars, it still leaves the nation facing a projected $22 trillion debt ten years from now - an increase of more than $7 trillion from today. Ratings agencies have said that they could still downgrade the nation's Triple-A credit rating even with the deal.
US President Barack Obama makes a statement to the press in the Ross Garden of the White House in Washington, DC, on August 2, 2011. (Credit: Getty Images) Mr. Obama had sought a "grand bargain" that would have included more than $4 trillion in deficit reduction and included both revenue increases, cuts to entitlement programs and tax reform. But against a backdrop of Republican opposition to any revenue increases and Democratic opposition to significant cuts to entitlements, closed-door negotiations over the larger deal broke down.
The bill will immediately increase the debt limit by roughly $400 billion immediately and then another $500 billion in the fall. It will also create a 12-person bipartisan congressional committee tasked with coming up with recommendations for $1.5 trillion in further deficit reductions by Thanksgiving. Those reductions could include cuts from defense spending and social safety net programs, as well as changes to the tax code.
If the recommendations are not created or approved by Congress by the end of the year, it will trigger more than $1 trillion in automatic spending cuts unless Congress sends a balanced budget amendment to the Constitution to the states.
Mr. Obama called on that committee to take a "balanced approach" -- one that includes revenue increases -- with "everything on the table."
"Yes, that means making some adjustments to protect health care programs like Medicare so they're there for future generations. It also means reforming our tax code so that the wealthiest Americans and biggest corporations pay their fair share," he said. "And it means getting rid of taxpayer subsidies to oil and gas companies and tax loopholes that help billionaires pay a lower tax rate than teachers and nurses."
Prior to the Senate vote, Senate Minority Leader Mitch McConnell, R-Ky., who played a key role in the negotiations, noted that while the back and forth may not have been pleasant, "it was a debate that Washington very much needed to have."
"The legislation that the Senate is about to vote on is just a first step - but it is a crucial step toward fiscal sanity," he said.
Reid noted in remarks on the Senate floor that that the "American people are not impressed with the no new revenue" in the bill, but that, nevertheless, "the product we have here is one of compromise."
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President Obama signed a hard-fought, last-minute compromise bill to avert economic catastrophe Tuesday, saying the deal to cut spending and increase the nation's $14.3 trillion debt limit marked an "important first step to ensuring that as a nation we live within our means."
The bill, he said, was the outcome of a "long and contentious debate" to avoid a man-made economic disaster that he described as creating "unsettling" economic uncertainty. He said that while voters chose divided government, "they sure didn't vote for dysfunctional government."
"It shouldn't take the risk of default, the risk of economic catastrophe, to get folks in this town to get together and do their jobs," the president said. He added: "Our economy didn't need Washington to come along with a manufactured crisis to make things worse."
Mr. Obama signed the legislation in a closed-door ceremony Tuesday afternoon after making remarks at the White House. It will effectively increase the nation's borrowing authority through the end of next year and promises more than $2 trillion in deficit reduction over ten years.
Now that the debt limit fight is effectively over, Mr. Obama and Congressional Democrats say they will pivot to a focus on jobs and the economy, which they say should be Congress' top priority.
"We've got to do everything in our power to grow this economy and put Americans back to work," Mr. Obama said Tuesday. He called on Congress to extend middle class tax cuts and unemployment benefits, pass trade deals and plow money into infrastructure when it returns from its August recess.
The Obama administration had warned that if lawmakers did not act on the debt limit by midnight, the nation would no longer be able to pay many of its obligations - potentially including social security checks, military pay and other payments - and could default on its debt, causing worldwide economic chaos as well as increased borrowing costs for Americans.
The Senate passed the bill 74-26 shortly before Mr. Obama made his remarks, easily surpassing the 60 votes needed to overcome a filibuster. That vote followed Monday night passage in the House, which included a surprise affirmative vote by Democratic Rep. Gabrielle Giffords, who is recovering from an assassination attempt.
Both fiscally-conservative Republicans and liberal Democrats rejected the deal, with the former saying it does not go far enough to address the nation's debt and deficit crisis and the latter complaining it cut too much and did not include revenue increases. Though the deal will reduce the deficit by trillions of dollars, it still leaves the nation facing a projected $22 trillion debt ten years from now - an increase of more than $7 trillion from today. Ratings agencies have said that they could still downgrade the nation's Triple-A credit rating even with the deal.
US President Barack Obama makes a statement to the press in the Ross Garden of the White House in Washington, DC, on August 2, 2011. (Credit: Getty Images) Mr. Obama had sought a "grand bargain" that would have included more than $4 trillion in deficit reduction and included both revenue increases, cuts to entitlement programs and tax reform. But against a backdrop of Republican opposition to any revenue increases and Democratic opposition to significant cuts to entitlements, closed-door negotiations over the larger deal broke down.
The bill will immediately increase the debt limit by roughly $400 billion immediately and then another $500 billion in the fall. It will also create a 12-person bipartisan congressional committee tasked with coming up with recommendations for $1.5 trillion in further deficit reductions by Thanksgiving. Those reductions could include cuts from defense spending and social safety net programs, as well as changes to the tax code.
If the recommendations are not created or approved by Congress by the end of the year, it will trigger more than $1 trillion in automatic spending cuts unless Congress sends a balanced budget amendment to the Constitution to the states.
Mr. Obama called on that committee to take a "balanced approach" -- one that includes revenue increases -- with "everything on the table."
"Yes, that means making some adjustments to protect health care programs like Medicare so they're there for future generations. It also means reforming our tax code so that the wealthiest Americans and biggest corporations pay their fair share," he said. "And it means getting rid of taxpayer subsidies to oil and gas companies and tax loopholes that help billionaires pay a lower tax rate than teachers and nurses."
Prior to the Senate vote, Senate Minority Leader Mitch McConnell, R-Ky., who played a key role in the negotiations, noted that while the back and forth may not have been pleasant, "it was a debate that Washington very much needed to have."
"The legislation that the Senate is about to vote on is just a first step - but it is a crucial step toward fiscal sanity," he said.
Reid noted in remarks on the Senate floor that that the "American people are not impressed with the no new revenue" in the bill, but that, nevertheless, "the product we have here is one of compromise."
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Weather: Scattered showers expected for most of South Florida
Many commuters in South Florida heard the tapping of raindrops on their windshields early Tuesday morning. The scattered showers are expected to continue during the afternoon and early evening.
The National Weather Service in Miami reported a 60 percent chance of rain and thunderstorms on Tuesday. The high humidity will make for high heat indices -- or how hot it feels -- that will range from 100 to 105 degrees. Temperatures will be in the 90s and will drop to the 80s in the evening.
Tropical Storm Emily, which formed Monday evening over the Atlantic Ocean, continues to move toward the west and northwest at 14 miles per hour, reported the National Hurricane Center in Miami.
According to an 8 a.m. advisory, Emily is about 265 miles southeast of San Juan, Puerto Rico and has maximum sustained winds of 40 miles per hour. It is not yet known if the storm will affect South Florida.
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The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.
We have introduced a new commenting system called Disqus for our articles. This allows readers the option of signing in using their Facebook, Twitter, Disqus or existing MiamiHerald.com username and password.
Read more: http://www.miamiherald.com/2011/08/02/2341548/weather-scattered-showers-expected.html#ixzz1TstLYnnFDOW JONES NEWSWIRES
Health Net Inc. (HNT) will immediately resume marketing its Medicare Advantage and prescription-drug plan products as the Centers for Medicare & Medicaid Services lifted its sanctions against the company in time for the upcoming enrollment period.
The U.S. government's Medicare program had ordered Health Net to suspend enrollment in its Medicare Advantage plans and stand-alone Medicare prescription-drug plans in November, alleging the company failed to provide enrollees with prescription drug benefits that conformed with laws, guidelines and contract terms. The sanction didn't affect those already enrolled.
In a filing Tuesday, Health Net said it won't receive any new auto-assignees from the CMS at this time, but low-income subsidy members can choose to enroll in the company's products during the upcoming annual enrollment period. The company may begin enrolling beneficiaries with effective dates starting Sept. 1.
Wells Fargo analyst Peter Costa said in a note that the move will likely have only a minor impact on 2011 revenue, but the firm views it as an important step in regaining its growth in Medicare Advantage as it was done in time for the 2012 Medicare open enrollment window.
In May, Health Net reported it swung to a first-quarter loss on litigation and restructuring charges, though revenue increased 3.2% as its 2011 Medicare Advantage enrollment was better than expected.
Shares closed Monday at $26.97 and were inactive premarket. The stock has risen 10% over the past year.
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Delaware batting cages
Acapulco package vacation
Buy storage heaters
Colorado springs motorcycles
Cingular firefly mobile
Musicians 1950s
49ers games
20gb color ipod
History louisiana zachary
Honda motorcycles official
Cingular wireless ogo
Cingular 8125 review
Connecticut consulting foresters
Apple in vacation
Surdyke motorcycles
Arkansas batesville school
Card humorous post
Attorney california divorce
Golden rule teencare
2007 husqvarna motorcycles
Nvq level3 teencare
Infinity motorcycles uk
Belkin ipod dock
150 dvd storage
Cover ipod pattern
School in southwest
Alka seltzer video
Alaska information tourist
Estherwood louisiana
Alaskan colorado malamute
Bed oak post
Alaska bear tours
Alida games
Rooms 2 rent
Complimentary vacation
Arkansas family court
Aerobic kickboxing classes
Classic custom vacation
Fuck street musicians
Arizona auto salvage
Southwest concrete
Arthritis post traumatic
Connecticut female massage
Classes real estate
Canjet vacation
Custom motorcycles delaware
Luxury rooms suite
City rooms inc
Best teen vacation
Campground in louisiana
Teencare assistance programs
Adoptive connecticut family
Caribbean vacation ideas
Auto club california
Metal musicians wanted
Crab delaware house
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Alaska builder home
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Alaska airlines corporate
Alaska fun fact
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Idaho legislative index
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Bench country storage
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Arkansas fayetteville infiniti
Weather: Scattered showers expected for most of South Florida
Many commuters in South Florida heard the tapping of raindrops on their windshields early Tuesday morning. The scattered showers are expected to continue during the afternoon and early evening.
The National Weather Service in Miami reported a 60 percent chance of rain and thunderstorms on Tuesday. The high humidity will make for high heat indices -- or how hot it feels -- that will range from 100 to 105 degrees. Temperatures will be in the 90s and will drop to the 80s in the evening.
Tropical Storm Emily, which formed Monday evening over the Atlantic Ocean, continues to move toward the west and northwest at 14 miles per hour, reported the National Hurricane Center in Miami.
According to an 8 a.m. advisory, Emily is about 265 miles southeast of San Juan, Puerto Rico and has maximum sustained winds of 40 miles per hour. It is not yet known if the storm will affect South Florida.
0digg
Share
Join the discussion
The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.
We have introduced a new commenting system called Disqus for our articles. This allows readers the option of signing in using their Facebook, Twitter, Disqus or existing MiamiHerald.com username and password.
Read more: http://www.miamiherald.com/2011/08/02/2341548/weather-scattered-showers-expected.html#ixzz1TstLYnnFDOW JONES NEWSWIRES
Health Net Inc. (HNT) will immediately resume marketing its Medicare Advantage and prescription-drug plan products as the Centers for Medicare & Medicaid Services lifted its sanctions against the company in time for the upcoming enrollment period.
The U.S. government's Medicare program had ordered Health Net to suspend enrollment in its Medicare Advantage plans and stand-alone Medicare prescription-drug plans in November, alleging the company failed to provide enrollees with prescription drug benefits that conformed with laws, guidelines and contract terms. The sanction didn't affect those already enrolled.
In a filing Tuesday, Health Net said it won't receive any new auto-assignees from the CMS at this time, but low-income subsidy members can choose to enroll in the company's products during the upcoming annual enrollment period. The company may begin enrolling beneficiaries with effective dates starting Sept. 1.
Wells Fargo analyst Peter Costa said in a note that the move will likely have only a minor impact on 2011 revenue, but the firm views it as an important step in regaining its growth in Medicare Advantage as it was done in time for the 2012 Medicare open enrollment window.
In May, Health Net reported it swung to a first-quarter loss on litigation and restructuring charges, though revenue increased 3.2% as its 2011 Medicare Advantage enrollment was better than expected.
Shares closed Monday at $26.97 and were inactive premarket. The stock has risen 10% over the past year.
Adcting games.com
Alaska copper brass
Louisiana atv trail
Apartments burbank california
Loan origination classes
Apartments redlands california
Southwest michigan jobs.com
Abum games
Album photo video
Email cingular customers
Alaska hiking adventures
Alchol classes
Cadillac connecticut dealer
Building commercial storage
Connecticut consummate
Bethanybeach delaware
Advertisement funny video
Alaska eagle
80 music video
Arkansas commercial
Southwest museum
Hsdpa cingular
American california river
Articulate board games
Blackberry cingular 7290
Reviews motorcycles
Arizona basketball team
Celebrity post video
Idaho fire dept
Audult games
Breckenridge inn colorado
Alaska division tourism
American federation musicians
Abaco vacation rentals
Guide ipod user
Cingular corporate officers
Cingular e62
Breckenridge chevrolet colorado
Aero california news
Afl cio california
Boise idaho condo
Delaware ucc
Coushatta louisiana tribe
Motorcycles mechanics
Delaware insurance laws
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Motorcycles in china
2006 ipod new
California tea rooms
Australian musicians list
Comcast connecticut
Honda lafayette louisiana
Find teencare
Arizona architect
Gapless ipod playback
Arizona control flea
Zander musicians
Compusa classes
Local news wichita
Cingular referral program
Alaska airlines tickets
Sunstate motorcycles maroochydore
Arcade+games
Parts direct motorcycles
Arizona atlas
Airlines.co southwest
Arkansas doctor list
Arkansas governors scholarship
Anxiety chat rooms
Algo mas video
Alaska doctors
Depart labor louisiana
Colostomy chat rooms
Cheerleader locker rooms
Ipod conga list
Beaches of california
Crooked creek louisiana
Accident attorney louisiana
Ikea teens rooms
Interface ipod renault
Aruba poker rooms
Local news only
Delaware junk yard
Adam4adam com post
Chart rooms
Southwest sofas
Bank connecticut sperm
Albert pujols video
Southwest service life
Apache http post
Comforter set southwest
Ashley furniture california
All sonic games
Arizona vacation destinations
Bigfork vacation rentals
Harmon kardon ipod
Catholic church musicians
Alaska governor murkowski
Arkansas information phone
Chicago vacation deals
Cingular phone refurbish
Southwest jeep
Apartment management colorado
Cameroon musicians
Cl.idaho.gov iw
Alcohol rehab california
Alfredo gutierrez arizona
Jacksonville motorcycles
Custom paint motorcycles
Arcade internet games
Adducting games.com
Soccer southwest tornados
Relaxation rooms
Delaware school districts
Blonde post thumbnail
Alaska fishing ship
Southwest suite
Affordable vacation boracay
32k cingular sim
Boulder colorado springs
Moroccan rooms
Southwest public safety
Southwest teachers supply
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Herbology classes
Arizona banking
Southwest publishing company
Chemical storage
Biddeford home vacation
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