Debt and Debt Limit  (Oct. 22)

Mike & Co. —

The pattern is familiar from last month’s CR and almost every must-pass piece of legislation considered by Congress the past five years — there is majority support for a solution but it cannot come to a vote until the House has considered an alternative proposed by the Freedom Caucus that cannot pass in the Senate and would be vetoed in any event.

There is a Caucus-supported (hopelessly outlandish) alternative regarding the debt limit on the table but, distracted and disorganized more than usual during this Boehner-Ryan interregnum, House leadership hasn’t settled on a way forward on consideration  with time running out.

That’s the bottom line right now on the debt limit.  Details below.  

Best, 

Dana 

———-

House GOP leadership is still searching for a plan for raising the debt limit now that a proposal pushed by conservatives does not appear to have enough support and is unlikely to receive a vote this week.

This afternoon, Nancy Pelosi summarized the timing in the House on the bid to increase the debt limit as follows:  “It’s only a matter of hours until we have to act in the House. We have to act really by tomorrow. This calendar of chaos … is really coming down to hours, days, weeks.”

The President has long insisted that Congress send him a clean debt limit bill. Such a bill could probably clear Congress. Senate Republicans had planned to take up the House bill and amend it in a manner that could pass the Senate, potentially making it a clean debt-ceiling measure to attract Democratic votes. But GOP leaders said they were planning contingency plans in case the House stumbles, a number of Senators have said.

Generally, Senate Republicans are trying to counter the image created by the disarray in the House by projecting a sense of calm and ability to govern.  Accordingly, here is Senate Majority Whip John Cornyn’s take today on where things stand:  “Shame on us if we haven’t sort of thought about that in advance and war-gamed it.  It’s possible we could pass something, and we send it back to the House, and they pass it before it gets to the president. We’re getting ready to get on a glide path to get to a conclusion here.”

The alternative on the table would lift the debt limit until 2017, attempt to freeze all agency regulations for at least a year, try to force Congress to stay in session until it passes all appropriations bills and forbid the Senate from filibustering spending bills after October.

The consensus is that it is a non-starter itself but a first step before the inevitable: a vote on a debt limit bill without strings.

But the next step is uncertain.  House GOP leadership is likely to abandon tentative plans to vote on the alternative, hatched by the Republican Study Committee, throwing into question how Congress is going to lift the borrowing limit before a November 3 deadline.

House leadership was considering a vote on the proposal, tune Terms of Credit Act, tomorrow, but GOP insiders said they will not put the bill on the floor.  A House whip check last night showed the party several dozen votes short.   It’s back to the drawing board now — “We’ll continue conversations with our members on how best to address the debt ceiling,” a Republican leadership aide said today.

House Majority Leader Kevin McCarthy made it clear this afternoon that there is no emergency and that his colleagues are hard at work and being creative: “We’ve got a lot of different ideas cooking.  We’ll have to wait and see.”

 

3 thoughts on “Debt and Debt Limit  (Oct. 22)”

  1. My husband and i ended up being absolutely delighted Edward could complete his homework from the ideas he discovered from your very own site. It’s not at all simplistic just to be giving away helpful hints that many people could have been making money from. And we discover we’ve got the blog owner to appreciate because of that. Most of the explanations you’ve made, the easy blog menu, the friendships you assist to create – it’s all excellent, and it’s assisting our son and our family consider that that content is brilliant, and that’s extraordinarily fundamental. Many thanks for all!

  2. I’m just commenting to let you be aware of of the exceptional discovery my cousin’s daughter enjoyed going through your blog. She discovered lots of issues, most notably how it is like to have a very effective giving heart to have many more effortlessly fully understand certain extremely tough matters. You really did more than my desires. Many thanks for displaying the helpful, healthy, educational and also easy thoughts on the topic to Gloria.

  3. Thanks for your tips. One thing we have noticed is always that banks and also financial institutions have in mind the spending behavior of consumers and also understand that a lot of people max out there their own credit cards around the holiday seasons. They prudently take advantage of this kind of fact and begin flooding the inbox and also snail-mail box together with hundreds of Zero APR card offers immediately after the holiday season comes to an end. Knowing that in case you are like 98% of all American open public, you’ll hop at the possiblity to consolidate personal credit card debt and move balances for 0 interest rates credit cards. hhhggil https://headachemedi.com – Headache pain drugs

Leave a Reply to Headache pain drugs

Your email address will not be published. Required fields are marked *