Senate rejects GOP debt plan as talks drag on

[Playinghardball]

Source: CNN

Washington (CNN) -- The Democratic-controlled Senate rejected the GOP's "cut, cap, and balance" deficit reduction plan Friday, voting 51-46 to set the measure aside and clear a path for further talks on what Democrats insist must be a more centrist measure balancing spending reductions and tax hikes.

"Cut, cap, and balance," which passed the Republican-controlled House earlier in the week, would have tied a debt ceiling increase to sweeping reductions in federal spending, caps on future expenditures, and a balanced budget amendment to the Constitution. While the measure was never expected to become law, holding votes on it allowed Republicans to demonstrate their preference for steps favored by many in the conservative tea party movement.

Senate Majority Leader Harry Reid, D-Nevada, dismissed the vote Friday morning as a waste of time.

More at: http://www.cnn.com/2011/POLITICS/07/22/debt.talks/index.html?hpt=hp_t2