House passes GOP debt bill over objections of Obama, Democrats; Senate votes to table

The House narrowly passed GOP debt-limit legislation Friday after Republican leaders revised it to gain the support of recalcitrant tea party conservatives, but Senate Democrats declared it dead on arrival in their chamber and moved to replace it with a bipartisan plan that would raise the federal debt ceiling ahead of an Aug. 2 deadline, averting a potentially catastrophic U.S. default.

President Obama warned earlier in the day that the House GOP plan had "no chance of becoming law," and he instead urged Senate Democrats and Republicans to reach a "bipartisan compromise." He said time is running out to lift the federal debt ceiling and reiterated his objections to a measure that includes only a short-term increase of the debt limit.

Senate Democrats said they remained solidly opposed to the Boehner plan. In debate leading up to the vote, minority House Democrats called the measure a waste of time.