The House of Representatives has approved the GOP’s ‘Cut, Cap and Balance’ plan with a vote of 234 to 190.
The bill imposes caps on federal spending as a percentage of GDP. It also allows for an increase in the debt ceiling by $2.4 trillion in exchange for both the Senate and House approving a balanced budget amendment.
Read more: http://www.foxnews.com/politics/2011/07/19/house-approves-cut-cap-and-balance-plan/#ixzz1Sdsmk8Rs
