Debt Ceiling Crisis in Review: LXBN Roundtable
With the clock ticking and the federal government hours away from closing it’s doors, the Senate voted 74-26 to raise the debt ceiling and cut trillions of dollars in spending. After months of partisan bickering, backroom deals, and constant media coverage both houses of Congress agreed to pass the Budget Control Act of 2011 (S.365) (the “Act”), essentially raising the debt ceiling by $2.1 trillion and reducing spending by nearly the same amount.




