The U.S. House on Tuesday night passed the “Cut, Cap, and Balance” deficit-reduction plan favored by Republicans, in a 234-190 vote down party lines. Five Democrats voted with the majority. The fiscal-conservative/purist bill would impose strict caps on the government’s future federal spending while making it tough to raise taxes. The bill is unlikely to become law, as Senate Democrats are expected to kill it, and Obama has suggested he would veto the measure if it ever made its way to his desk. (Just earlier today, in a reference to “Cut, Cap, and Balance,” Obama said, “We do not have any more time to engage in symbolic gestures.”) As Politico notes, the vote signals that “the House GOP remains unyielding on new taxes and is demanding instead deep spending cuts.” So it may seem like something has happened here, but as far as resolving this mess goes, it hasn’t.
House Passes ‘Cut, Cap And Balance’ Bill [Two-Way/NPR]
Debt deal momentum builds as House resists [Politico]
Earlier: Is There Still a Chance for Meaningful Compromise on Debt Reduction?
