House Approves 'Cut, Cap and Balance' Bill

The House of Representatives passed the Republican's "Cut, Cap and Balance" bill with a 234-190 vote Tuesday night, Cox Radio's Jamie Dupree reports. The "Cut, Cap and Balance" bill raises the debt limit from $14.3 trillion to $16.8, forces drastic spending cuts, makes a balanced budget a constitutional requirement and doesn't have any tax increases. The President has already said he would veto the bill if it made it to his desk. The bill has been called a piece of "Kabuki theater" so that House Republicans can put their stance on the debt negotiations on record. Most suspect it won't make it past the Senate, where it would need 67 votes and the Republicans only have 47 seats. Notable exclusions from the Republican backed bill: Michelle Bachmann and Ron Paul both voted no. Harry Reid announced on the senate floor before the vote that White House debt ceiling negotiations would resume Wednesday.