Breaking News: House Passes Bipartisan Compromise to Raise the Debt Ceiling and Reduce the Deficit

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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.