The Democratic-controlled Senate voted to kill the Cut, Cap, Balance Act (CCB) Friday morning. The measure failed by a 51–46 vote along party lines.
The bill, which the House of Representatives passed on Tuesday, had united Republican factions in Congress and was said to be the only debt-limit deal conservative lawmakers would get behind. It had little chance of passing the Senate, however, and President Barack Obama said publicly that he would veto the legislation if it were to reach his desk.
“This is a very, very bad piece of legislation, and anyone voting for it I think will have to respond in many different ways to the people of their states,” said Majority Leader Harry Reid before the vote.
On Thursday a group of Republican lawmakers called Obama’s bluff in a press conference, arguing that if the Senate passed the bill, the President would have no choice but to sign it.
But now that the CCB is effectively dead, Republicans and Democrats alike will have to move forward on negotiations to raise the debt limit and reduce the deficit by August 2.