(The Hill) Senate defeats Reid bill, waits for deal from Obama and GOP leaders

The Senate voted largely along party lines on Sunday afternoon to block legislation crafted by Senate Majority Leader Harry Reid (D-Nev.) that would raise the debt limit by $2.4 trillion.

Reid and other Democratic leaders worked intently to persuade centrist Republicans to support the plan but fell short.

The vote to end a GOP filibuster failed 50-49. Only Sen. Scott Brown, a centrist Republican from Massachusetts, defied the GOP leadership.

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Update: More from Marketwatch there.

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Posted in * Economics, Politics, Budget, Economy, House of Representatives, Office of the President, Politics in General, President Barack Obama, Senate, The National Deficit, The U.S. Government