The bill, which was passed in the House earlier in this week, would have mandated harsh spending cuts and required that Congress approve a Balanced Budget Amendment to the Constitution before raising the debt ceiling. It never had a chance in the Senate, where Senate Majority Leader Harry Reid called it “perhaps some of the worst legislation in the history of this country,” and President Obama promised to veto it. It failed on a strict party-line vote. The hope is that, now that CCB has officially failed, everyone can focus on hammering out a plan that won't. And fast. [Hill]
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