House passes debt compromise

Paul Conner Executive Editor
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The debt ceiling compromise cleared its first legislative hurdle Monday evening, passing the House of Representatives, 269–161.

The bill also received significant bipartisan opposition, with 66 Republicans and 95 Democrats voting against it.

The plan would raise the debt ceiling through 2012 in exchange for cutting $2.1 trillion over ten years, with $900 billion in up-front cuts and the creation of a joint congressional committee to identify the remainder of the spending reductions.

The Senate vote is scheduled for noon Tuesday.