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Updated: The Senate on Sunday blocked legislation offered by Senate Majority Leader Harry Reid to raise the debt limit on a vote of 50 to 49.

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Congress to Vote on Debt Deal Today

Updated: The Senate on Sunday blocked legislation offered by Senate Majority Leader Harry Reid to raise the debt limit on a vote of 50 to 49.

Update: Republican and Democrat leaders have a new deal with President Barack Obama to beat the debt limit deadline and raise the deficit another $3 trillion to meet the country’s financial obligations.

Obama announced the agreement Sunday night and said “the default would have had a devastating effect on our economy.”

According to a power point presentation issued by House Speaker John Boehner, the agreement will cut government spending more than it increases the debt limit, implements spending caps to restrain future spending, and “advances the cause of a Balanced Budget Amendment.”

The “framework accomplishes this without tax hikes, which would destroy jobs, while preventing a job-killing national default,” the document said.

House and Senate party caucuses will meet with their members Monday morning to discuss the details of the plan. Tuesday is the deadline for Congress to pass a compromise measure.

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The Senate on Sunday blocked legislation offered by Senate Majority Leader Harry Reid to raise the debt limit on a vote of 50 to 49.

A super majority of 60 votes were needed to proceed to a final passage vote.

Democrats voting against the Reid plan included Bernie Sanders (Vt.), Ben Nelson (Neb.), and Joe Manchin (W.V.).

Reid also voted against his own legislation — a procedural move that allows him to bring the measure to the floor again for a future vote.

Meanwhile, Republicans say they are close in reaching an agreement with the White House.

“A potential agreement is within our reach,” Senate Minority Leader Mitch McConnell (R. -Ky.) told CBS’s Face the Nation Sunday morning.

With Democrats controlling the Senate and the White House, McConnell said there is “only so much you can achieve when you don’t have the leverage of power.”

“Let’s get as much spending reduction as we can possibly get out of a government that we don’t control,” McConnell said.

A possible deal floated by ABC News as the tentative agreement would raise the deficit another $3 trillion to meet the country’s financial obligations.

Reid indicated that no further action is expected on the Senate floor today, but told his colleagues to be available on short notice if a deal is reached.

“We’re not there yet,” Reid said of a deal, “but I’m hopeful and confident it can be done.”

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Written By

Audrey Hudson is an award-winning investigative journalist whose enterprise reporting has sparked numerous congressional investigations that led to laws signed by Presidents George W. Bush and Bill Clinton. She won the prestigious Sigma Delta Chi award for Public Service in 2009 for her report on dangerous drug experiments by the federal government on war veterans, which prompted internal investigations and needed reforms within the Veterans Affairs Department. The report also captured first place for investigative reporting by the Washington, D.C. chapter of the Society of Professional Journalists and was a finalist of the International Academy of Digital Arts and Sciences Webby Awards for news and politics. Her breaking stories have been picked up and followed by major news publications and periodicals, including Readers Digest, Washington Monthly, and The Weekly Standard, as well as The New York Times, Wall Street Journal, USA Today, and Washington Post. With nearly 20 years of experience in Washington as a newspaper reporter and as a Capitol Hill staffer for Western lawmakers, she will now lead Human Events‚?? coverage of energy and environmental issues. A native of Kentucky, Mrs. Hudson has worked inside the Beltway for nearly two decades -- on Capitol Hill as a Senate and House spokeswoman, and most recently at The Washington Times covering Congress, Homeland Security, and the Supreme Court. Audrey‚??s email is AHudson@EaglePub.Co

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