House Rejects Debt Ceiling Increase

A plan to raise the nation’s debt ceiling by $2.4 trillion has failed in the House by a 318-97 margin.  The bill, which would have needed 2/3 of voting Representatives to support it, was never meant to pass.  Brought to the floor by Republicans, the move is designed to reinforce their demands for meaningful spending cuts to accompany any increase in the debt limit.  No spending cuts were attached to this legislation.  Congress still faces an August deadline before the U.S. would face the possible fallout from defaulting on its debt.