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House Passes Major Legislation To Raise Debt Limit

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Newscom

The measure is meant to slash $2 trillion from the deficit. Most of those savings, if not all, will come from cuts to domestic and defense spending. The bill guarantees no tax increases.

The Senate will take up the legislation Tuesday. Though a time has not yet been set for that vote, its path to passage is much clearer in the upper chamber, where partisan divisions over taxes and government spending on key social programs have not called into question the imperative of avoiding default.

The legislation will then go straight to President Obama's desk for a signature. It assures the country will have borrowing authority into 2013, and thus guarantee that future legislative fights over budget deficits will not occur under the threat of default.

UPDATE - This piece was revised at 7:30pm to reflect Rep. Giffords' surprise return to the chamber.

About The Author

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Brian Beutler is TPM's senior congressional reporter. Since 2009, he's led coverage of health care reform, Wall Street reform, taxes, the GOP budget, the government shutdown fight and the debt limit fight. He can be reached at brian@talkingpointsmemo.com