Congress Inching Toward Votes on Debt Deal
Updated from 3:09 p.m. EDT with latest developments.
NEW YORK ( TheStreet) -- The Congress continued Monday to move toward votes on legislation hammered out over the weekend to raise the debt ceiling and cut the deficit.
The House of Representatives is expected to vote this afternoon, while it's unclear if the Senate will hold its vote later this evening or on Tuesday.
House Speaker John Boehner (R., Ohio) and his fellow Republican leaders spoke to the media on Monday to express conviction that Congress would pass the new budget proposal."I've got a big job to do here," Boehner said. "My goal is to get the bill passed, signed into law, solve this debt crisis and help get the America people back to work." House Majority Leader Eric Cantor (R., Va.) said that getting the latest bill to its current state was a monumental task. He criticized Senate Democrats for a last minute attempt to debate the possibility of a revenue measure in the budget. "Now is not the time for us to be considering tax hikes when there is over 9% unemployment and too many people are out of work," Cantor said. "This bill doesn't give all the answers; this bill does give accountability," said House Majority Whip Kevin McCarthy (R., Calif.). Vice President Joe Biden briefly addressed reporters earlier Monday, saying the new proposal will fund initiatives of people and companies who are job creators. He also addressed criticism of political posturing on both sides of the aisle.
|Senate Majority Leader Harry Reid|
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts