House Approves Cut, Cap and Balance Bill

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The U.S. House of Representatives on Tuesday voted to pass the Cut, Cap and Balance plan, but the bill is not expected to pass in the Senate.

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The bill imposes caps on federal spending as a percentage of GDP. It also allows for an increase in the debt ceiling by $2.4 trillion in exchange for both the Senate and House passing a balanced budget amendment.

The vote was 234 to 190.  Nine Republicans voted no, including Rep. Michele Bachmann (R-MN), while five Democrats sided with Republicans.

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