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US lower house backs compromise debt deal

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US lower house backs compromise debt deal

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The House of Representatives has approved a last ditch deal to raise the US borrowing limit which will hopefully avert an unprecedented US government default.
 
It ends weeks of acrimonious debate which has  polarised Congress.
 
The one moment of unanimity came with applause for Gabrielle Giffords who returned to the house for the first time since being shot in the head in January.
 
She was one of several Democrats along with House minority leader Nancy Pelosi who were determined to end the debt impasse.
 
“Another reason to support this bill – even though there are plenty of reasons not to – is that it stops cuts in social security, Medicare and Medicaid,” said Pelosi. “This is the most important assignment given to the Democratic leadership going to the table, to make sure there are no cuts in benefits, in Medicare and Medicaid and Social Security – that was achieved.”
 
But neither side is really happy about the compromise plan which calls for  $2.1 trillion worth of spending cuts over 10 years but no new taxes. 
It does however raise the government’s borrowing limit to over $16 trillion.
 
The bill will now go before the Senate for approval on the deadline day set to resolve the crisis before the money runs out.