Posted: Aug 1, 2011 7:41 PM by Matt Stafford
The House of Representative passed a bill Monday evening, raising the debt ceiling by about $2 trillion dollars and calling for about $2 trillion dollars in cuts over the next decade.
The deal will have to pass a vote of the Senate - which is expected Tuesday at noon - as well as get the President's signature before it's put into place. A plan has to be in place by Tuesday or the United States will reach its debt ceiling and no longer have the ability to pay it's debtors. It would be the first time the United States government defaulted on it's debt in history.
As for where the expected cuts will come from, that's yet to be seen. Many are worried about the road ahead.
Monday night on News First 5 we'll take a look at local concerns. One local economist points out how much El Paso County has to lose.