The House on Tuesday evening approved the Republican's controversial "cut, cap and balance" bill by a 234-190 mostly party-line vote, although the bill was likely made irrelevant even before its passage by signs of progress in the Senate on a debt ceiling agreement.
President Obama himself announced that the bipartisan Gang of Six group of senators reached a broad agreement to cut $3.7 trillion over 10 years. Additionally, Senate Majority Leader Harry Reid (D-Nev.) said he saw a breakthrough on a smaller agreement that would allow Obama to raise the debt ceiling himself in three stages, subject to a procedural vote in Congress.
Pres. Obama indicated that the latter plan may be needed as a backstop plan, as Reid said the Gang of Six plan may not be ready in time to meet the August 2 debt-ceiling deadline.