Senate Rejects Cut, Cap and Balance Bill

As Harry Reid announced, the Senate voted on the Cut, Cap and Balance bill today. However, the bill, which is intended to cut the amount of spending, cap the amount of the GDP used to be paid into debt, and to balance the budget.

This leaves the ongoing issue still unresolved.

The Senate vote was 51-46.

There were plans for the Senate to be in session over the weekend, but Senate Majority Leader Harry Reid canceled them after today’s vote.

President Obama and Speaker of the House John Boehner are scheduled to continue their talks throughout the weekend in an attempt to resolve the looming debt crisis. Boehner made it very clear that he is willing to keep negotiations open, saying:

“There was no agreement, publicly, privately, never an agreement, and frankly not close to an agreement. So I suggest it’s going to be a hot weekend here in Washington, D.C. As a responsible leader, I think it is my job to keep likes of communications open.”

As the August 2 deadline fast approaches the debate is sure to heat up even more.