Senate Rejects 'Cut, Cap & Balance'

The Senate has blocked the House's "cut, cap, and balance" bill, the deficit reduction plan favored by conservatives and Speaker John Boehner. The symbolic GOP bill has now been yanked from the Senate floor; however, Boehner and President Obama are already negotiating a bipartisan deficit reduction plan. “There’s no question that the fiscal challenges in front of us demand a bipartisan solution, but the clock’s running,” Sen. Sheldon Whitehouse (D-R.I.) said in a speech on the Senate Floor Thursday evening.