President Obama and Congressional leaders reached a deal on a bill, the Budget Control Act of 2011 (P.L. 112-25), to raise national debt ceiling by $900 billion through early 2013. The bill passed the House (269-161) on August 1. On August 2 it was approved by the Senate (74-26) and signed into law by the President. The deal is expected to cut the deficit by $917 billion over ten years.
