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The balanced-budget amendment has little chance of reaching the two-thirds vote needed to pass both chambers, and House leaders have not yet scheduled a vote for that measure.
ReplyDeleteHouse Democratic Leader Nancy Pelosi called the proposed Republican legislation "outrageous."
Obama, who warned earlier in the week that seniors might not receive Social Security checks if the country went into default, said interest rates would also rise on Americans' home and car loans.
It would be, he said, "effectively a tax increase on everybody."