Ending weeks of partisan bickering over raising the debt ceiling that threatened to plunge the federal government into default, a last-minute deal was approved by the U.S. House of Representatives on Monday night (Aug. 1).
Rep. Anna G. Eshoo, D-Menlo Park, became one of 95 Democrats who voted in favor of the Budget Control Act of 2011 in a 50-50 split among House Democrats.
If passed by the Senate and signed by President Obama, the legislation will raise the U.S. government's debt ceiling.
In a statement Rep. Eshoo released Monday afternoon, she said she voted for the controversial bill because its failure and a government default would spell national and international economic catastrophe.
"I could never sit by and allow this to happen to our great country, " she said. "While I'm very disappointed that the plan is not a balanced one, including closing corporate tax loopholes and raising revenue, I accept the fact that compromise is necessary in order to protect our country.
"It has been inexcusable for some members of the House to have created this extended crisis which has raised the anxiety of my constituents, angered others, and caused confidence to plummet. It never had to be this way," she wrote.
The bill passed 269 to 161 at about 7 p.m. eastern time, the Washington Post reported Monday. A total of 174 Republicans and 95 Democrats voted in favor of the bill, while 66 Republicans and 95 Democrats voted against it.
House Speaker Nancy Pelosi, D-San Francisco, also voted in favor of the bill, the Washington Post reported.
The agreement ensures the debt ceiling will be raised through 2012. The nonpartisan Congressional Budget Office said the compromise would cut deficits by at least $2.1 trillion over the next 10 years.
Specifically, the package has upfront savings of $917 billion. A joint committee of Congress will be tasked with identifying an additional $1.2 trillion in savings to be voted on no later than December 23, 2011, Rep. Eshoo said.
The U.S. Senate is scheduled to consider the measure on Tuesday, Aug. 2. If the Senate passes the agreement, President Obama could sign the deal before midnight.
To see the text of the bill, click here.