Just now, a bipartisan majority in the U.S. House of Representatives passed the compromise legislation to raise the debt ceiling until 2013 and reduce America’s long-term deficit. By a vote of 269 to 161, Democrats and Republicans came together to avert a government default, and the economic disaster that would have followed.
The Senate is expected to consider this measure tomorrow.
On a side note, Rep. Gabrielle Giffords returned to the House floor to vote in support of the agreement. She received a standing ovation from her colleagues.