Breaking News---House of Representatives Boehner's Revised Debt Limit Bill Passes House, as Senate Dems Work on Rival Legislation

With the U.S. moving perilously closer to defaulting on its loans, the House passed an increase in the federal debt limit as part of Speaker John Boehner's third version of a deficit-reduction bill, which includes a balanced budget amendment -- a pivotal provision for securing the support of hard-line Republicans.

The bill passed in a 218-210 vote, with all House Democrats opposed, as well as 22 Republicans. But it isn't likely to advance in the Senate, where Democrats are working on rival legislation ahead of the Treasury's Tuesday deadline to increase the debt limit.

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