Update 674 — X-Date Approaching FastPrioritization: Pushing Default to the Limit The two hearings held in Congress this week on the debt limit showed a stark but all-too-familiar partisan contrast. Senate Democrats agreed that the full faith and credit of the United States must not be questioned, consistent with the command of the Constitution and …
Update 662 — Weaponizing the DebtHouse GOP’s Cause: Whose Default? The Full Faith and Credit clause of the 14th Amendment to the U.S. Constitution states that “[t]he validity of the public debt of the United States, authorized by law… shall not be questioned.” With good reason, given debts incurred in waging the Civil War, and …
Update 660 — Rules of Engagement:Starve the Beast, with an Orwell Nod On Monday, the House of Representatives adopted the GOP Rules for the 118th Congress. Newly-minted Speaker McCarthy had to make many concessions with the most extreme MAGA members in his conference in exchange for their votes, including creating new oversight committees and spending …
Update 574 — Debt Limit Agreement:Resolution for Now; Reform for Later? Late yesterday, House Democrats adopted legislation allowing the Senate to raise the debt ceiling without having to overcome a filibuster, this once. The Senate GOP is expected to cooperate to avoid a sovereign default that would otherwise have occurred within days or weeks. The fast-track process …
Update 558 — Debt Limit Dilemma:Have Faith in “Full Faith and Credit”? The U.S. financial system and therefore the economy is under the sword of Damocles right now, with the statutory debt limit already exceeded, emergency measures estimated to expire as soon as mid-October, markets in turmoil, and no viable legislative solution in reasonable reach. Last night, …
Update 548 — July 31 Debt Limit Deadline:How to Avoid Policy Concessions This Time This Saturday, July 31, the federal debt limit suspension passed by Congress two years ago expires. If Congress does not act, the U.S. could default on its debt in the fall, without precedent but promising catastrophic global economic effects. Republicans have …
