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Debt Compromise Set for U.S. Vote

Senate expect to vote today to ratify debt-limit compromise.

By Mike Dorning, Bloomberg | Updated on August 02, 2011

Congressional leaders voiced confidence that the Senate will vote today to ratify a U.S. debt-limit compromise that will avert a default even as it defers decisions on the nation’s finances to a bipartisan panel and may only modestly reduce deficits while slowing economic growth.

The House voted 269-161 yesterday to approve the measure, which raises the national debt ceiling enough to fund the government until 2013 and threatens automatic spending cuts to enforce a goal of cutting $2.4 trillion over the next decade.

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