Senate Passes Debt Compromise; U.S. Avoids Default

Tuesday, August 2nd 2011, 1:11 pm
By: News 9

WASHINGTON, D.C. -- The Senate has approved an emergency bill to avert a first-ever government default with just hours to spare.

The strong bipartisan vote was 74-26. Republican Senators Tom Coburn and Jim Inhofe from Oklahoma voted against it.

The Senate passed the measure Tuesday, one day after it passed the House.

Oklahoma Democratic Representative Dan Boren and Republican Representatives Tom Cole, James Lankford, Frank Lucas and John Sullivan all voted for the measure.

8/1/2011 Related Story: Oklahoma US House Members Vote For Debt Measure

Oklahoma Senator Jim Inhofe followed through with his vow to vote against the legislation. Inhofe said the budget cuts don't go far enough.

8/2/2011 Related Story: Oklahoma Senator Jim Inhofe Vows To Oppose Federal Debt Deal

The legislation combines an increase in the government's borrowing cap with promises of more than $2 trillion in budget cuts over the upcoming decade.

The measure now heads to President Barack Obama for his signature. The legislation makes a down payment on taming out-of-control budget deficits.

Keep checking for more developments in this story.