Congress Approves Debt Ceiling Bill; New Joint Committee To Weigh Year-End Tax Legislation

On August 2, President Obama quickly signed the Budget Control Act (Sen. 365 as amended) after passage by the Senate 74 to 26. The House had passed the Budget Control Act on August 1 by a vote of 269 to 161. The new law raises the debt limit to avoid a projected August 2 default and creates a bipartisan joint select committee on deficit reduction.

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