KMC » 5am - Aug 2, 2011
Uploaded by democracynow on 2 Aug 2011 DemocracyNow.org - After months of a bitterly partisan stalemate, the U.S. House of Representative has voted 269 to 161 in favor of raising the federal borrowing limit and avoiding a default on the national debt. The final count showed 174 Republican ayes, with Democrats split evenly ? 95 on each side. The vote came just hours before a U.S. Department of Treasury deadline that potentially would have seen the United States run out of cash and default for the first time in its history. The bill is expected to be approved by the Senate and signed into law by President Obama today. To analyze the debt deal, Democracy Now! interviews Michael Hudson, president of the Institute for the Study of Long-Term Economic Trends, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and author of "Super-Imperialism: The Economic Strategy of American Empire." His website is Michael-Hudson.com.