House Rejects Debt-Limit Increase

The House brought an increase to the nation’s debt limit to a vote Tuesday—then promptly voted to reject it by a 97 to 318 vote. It was a chance for the GOP majority to make a point: They insist that the debt limit should not be increased without major cuts to government spending. Not a single Republican voted to approve the measure. "The blank check debt limit increase supported by President Obama and his fellow Democrats would send our great country into an economic death spiral," said Rep. Jim Jordan (R-OH) before the vote. Republicans are slated to meet with President Obama to discuss cuts on Wednesday. Both sides have been working to assure investors that they’ll hammer out a deal before August 2, the date Treasury Secretary Tim Geithner says the U.S. will run out of cash.