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Tue 2 Aug 2011 12:29 PM

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US debt battle poised to close for now

Bitterly fought deal to cut budget deficit expected to clear US Senate and President Obama's desk

US debt battle poised to close for now
White House Press Secretary Jay Carney speaks during the White House daily briefing focused on debt ceiling negotiations August 1, 2011 in Washington, DC. The White House has agreed on a debt ceiling plan with congressional leaders who will now vote on to extend the federal debt limit and enact spending cuts. (Getty Images)
US debt battle poised to close for now
The National Debt Clock, a billboard-size digital display showing the increasing US debt, is seen on the corner of Sixth Avenue and West 44th Street on August 1, 2011 in New York City. The House of Representatives successfully passed a bill that would reduce national debt and raise the national debt limit, though the bill still needs to pass the senate. (Getty Images)
US debt battle poised to close for now
A trader works on the floor of the New York Stock Exchange during morning trading on August 1, 2011 in New York City. The Dow rose during early morning trading on hopes of a new debt-limit plan in Washington but took a stumble due to poor numbers in manufacturing. (Getty Images)
US debt battle poised to close for now
A trader works on the floor of the New York Stock Exchange during morning trading on August 1, 2011 in New York City. The Dow rose during early morning trading on hopes of a new debt-limit plan in Washington but took a stumble due to poor numbers in manufacturing. (Getty Images)
US debt battle poised to close for now
White House Press Secretary Jay Carney listens during the White House daily briefing focused on debt ceiling negotiations August 1, 2011 in Washington, DC. The White House has agreed on a debt ceiling plan with congressional leaders who will now vote on to extend the federal debt limit and enact spending cuts. (Getty Images)
US debt battle poised to close for now
A trader works on the floor of the New York Stock Exchange during morning trading on August 1, 2011 in New York City. The Dow rose during early morning trading on hopes of a new debt-limit plan in Washington but took a stumble due to poor numbers in manufacturing. (Getty Images)
US debt battle poised to close for now
A group of people a breaking news alert as the House of Representatives votes on a bill to raise the national debt limit on a television displayed in the window of a TD Bank at the corner 6th Avenue and West 44th Street on August 1, 2011 in New York City. The House of Representatives successfully passed a bill that would reduce national debt and raise the national debt limit, though the bill still needs to pass the senate. (Getty Images)
US debt battle poised to close for now
A woman takes a photo of the National Debt Clock, a billboard-size digital display showing the increasing US debt, on the corner of Sixth Avenue and West 44th Street on August 1, 2011 in New York City. The House of Representatives successfully passed a bill that would reduce national debt and raise the national debt limit, though the bill still needs to pass the senate. (Getty Images)
US debt battle poised to close for now
Musician Usher smiles before ringing the bell to begin trading at the New York Stock Exchange on August 1, 2011 in New York City. The Dow rose during early morning trading on hopes of a new debt-limit plan in Washington but took a stumble due to poor numbers in manufacturing. (Getty Images)
US debt battle poised to close for now
Traders work on the floor of the New York Stock Exchange during morning trading on August 1, 2011 in New York City. The Dow rose during early morning trading on hopes of a new debt-limit plan in Washington but took a stumble due to poor numbers in manufacturing. (Getty Images)
US debt battle poised to close for now
House Majority Leader Eric Cantor (R-VA) (C), speaks with reporters after the House voted to raise the debt ceiling at the U.S. Capitol on August 1, 2011 in Washington, DC. The House of Representatives passed the bill and the U.S. Senate will possibly vote tomorrow on an agreement to extend the federal debt limit and enact spending cuts. (Getty Images)
US debt battle poised to close for now
Speaker of the House John Boehner (R-OH) departs the House chamber after the House vote on the debt extension at the U.S. Capitol on August 1, 2011 in Washington, DC. The House of Representatives passed the bill and the U.S. Senate will possibly vote tomorrow on an agreement to extend the federal debt limit and enact spending cuts. (Getty Images)
US debt battle poised to close for now
US Rep. Paul Ryan, R-WI, speaks during a press conference with House Republican leadership on August 1, 2011 at the US Capitol in Washington, DC. With time running out before the August 2 deadline to reach an agreement on the debt ceiling, Congress is working to strike a deal that would avoid a potential federal default next week. (AFP/Getty Images)
US debt battle poised to close for now
Speaker of the House John Boehner (R-OH) said he has encouraged Republican members to support a bipartisan debt ceiling deal during a news conference at the U.S. Capitol August 1, 2011 in Washington, DC. The House of Representatives and the U.S. Senate is expected to vote today on an agreement to extend the federal debt limit and enact spending cuts. (Getty Images)