Lawmakers vote in debt ceiling 'charade'

WASHINGTON — Lawmakers voted against raising the US borrowing cap without making cuts in spending, in a Republican ploy Democrats branded a "charade" unworthy of a vital economic issue.The Treasury says that unless Congress votes to raise the $14.29 trillion debt ceiling by August 2, Washington could be forced to default on its obligations, in a move that would send shockwaves through the global economy.Republicans, who won the House of Representatives last November amid a mood of steep anxiety over the ballooning size of government debt, will only back raising the debt limit in return for steep cuts in the deficit.But they set up a vote on a bill they knew would lose -- on raising the debt ceiling by $2.4 trillion without a corresponding trim in spending -- to show they were serious about getting the budget shortfall under control.The measure was voted down 318-97 --- with many Democrats siding with Republicans to avoid being branded as blocking austerity measures gloomy voters seem to favor after an era of out-of-control spending."Today, we are making clear that Republicans will not accept an increase in our nation's debt limit without substantial spending cuts and real budgetary reforms," said Dave Camp, a key Republican player in the budget debate.The White House had initially argued for a "clean" vote on the debt limit without conditions.But it later recognized that position was not politically sustainable, and has held several rounds of talks on Republicans on huge spending cuts.But no deal has yet been reached, as markets seek clarity on an issue vital to US public finances and the wider global economy.Most observers however feel that a deal will eventually be reached, since the fiscal consequences of failure are so great.So Tuesday's vote could give Republican lawmakers cover to argue to their ultra-conservative base that any eventual vote to lift the ceiling secured slashing budget cuts.Steny Hoyer, the number two House Democrat, had advised his caucus to vote against the Republican bill, saying

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