Senator Reid debt ceiling vote, Cspan live coverage, July 30, 2011

***  UPDATE  ***

House rejects Reid Bill. Democrats joined Republicans to vote it down.

The vote on the Senate version of a debt ceiling bill is about to occur. Watch this live on Cspan.

http://www.c-span.org/Live-Video/C-SPAN/

From the Chicago Tribune July 30, 2011.

“Tense mood as lawmakers struggle for debt deal”

“A bitter mood prevailed on Capitol Hill as lawmakers struggled on Saturday to find a compromise measure to lift the nation’s $14.3 trillion debt limit three days before a deadline to avert a ruinous default.

A day after the Republican-led House of Representatives passed a bill to cut the deficit and raise the cap on government borrowing, the debt saga shifted to the Democratic-led Senate.

Democrats there pushed ahead with their own plan and sought to attract bipartisan support by adding some elements of a plan offered by Senate Republican leader Mitch McConnell.

But 43 Senate Republicans signed a letter rejecting the plan, a sign the measure does not have the support it needs to advance in Congress.

“What will they vote for? Do they have any ideas? Let me know,” Senate Democratic leader Harry Reid said on the Senate floor.

Back-channel talks held the best hope for a compromise. Unless Congress raises the debt ceiling, the government would be barred from further borrowing after Tuesday, according to the Treasury, and could quickly run out of money to pay all its bills.

The world has watched with growing alarm as political gridlock in Washington has brought the world’s largest economy close to an unprecedented default, threatening to plunge financial markets and economies around the globe into turmoil.

McConnell called on Reid to move up a vote that had been set for 1 a.m. EDT on Sunday so the two sides could begin talks with the White House.

“We can’t do it by ourselves, it has to have the only person in America who can sign something into law,” McConnell said.”

Read more:

http://www.chicagotribune.com/business/sns-rt-us-usa-debttre7646s6-20110705,0,7498607.story