Yesterday a measure to raise the national debt ceiling was defeated in the House of Representatives by a vote of 318 to 97. Get the full story here.
If the bill had passed, the statutory limit on public debt would have been lifted from $14.3 trillion to $16.7 trillion ahead of a deadline on August 2. In short, it looks like the House voted for fiscal restraint instead of towing the typical tax and spend strategy that has kept the Democrats in power for 50 years.
So is this a sign of the Apocalypse, or have legislators been sufficiently terrified by the throw-the-bums-out results of the mid-term elections to start acting in a (somewhat) fiscally responsible manner?
I tend to think the latter. So, uh, thanks Tea Party.