Question Details

When will a deal to raise the debt ceiling be reached?

When will a deal to raise the debt ceiling be reached?

Asked by: Super Userkruijs in Politics » United States
Settled on 10/21/2013 20:35 Settled by Super Userkruijs
Winning option:Before October 19th At first glance, the “default prevention” section of the bill seemed to imply that the president would have the authority in the future to increase the country’s debt unilaterally, and that Congress could stop him only by passing a bill forbidding it.

This procedural maneuver in question is called the “McConnell rule,” as it is the brainchild of Senator Mitch McConnell of Kentucky, the Republican leader.

Starting now, the Treasury Department is allowed to issue as much debt as needed through Feb. 7. There is no specific number for debt limit. At that point, however, everything reverts to the previous rule, which requires Congress to raise the debt limit in some way for Treasury to increase the total amount of official borrowing.

http://www.nytimes.com/2013/10/18/business/economy/lingering-confusion-in-debt-ceiling-deals-temporary-fix.html?_r=0#h[]

Predictions

Background

Speaker John A. Boehner says he is gearing up for “a whale of a fight” with President Obama over raising the federal debt ceiling, even though Mr. Obama has repeatedly said he has no plans to negotiate with Congressional Republicans over the nation’s debt limit and wants it lifted without a political showdown.

Mr. Boehner’s comments came as Treasury Secretary Jacob J. Lew warned him in a letter on Monday that unless Congress raised the debt ceiling, the government would lose the ability to pay all of its bills in mid-October.

The Obama administration has said repeatedly that it will not allow Congressional Republicans to use the debt limit to wring concessions from the White House, similar to the fiscal showdown that occurred at the end of last year. The Federal Reserve has warned that political brinkmanship over the debt ceiling could hamper the economic recovery.

http://www.nytimes.com/2013/08/28/us/politics/boehner-foresees-whale-of-a-fight-over-debt-limit.html?_r=0

Find similar: debt ceiling, barack obama

Comments

Comment on this question:

Sign in to comment

   Super Userkruijs

President Barack Obama signed into law a bipartisan deal approved by Congress Wednesday to reopen the federal government and avert an unprecedented debt default, ending a bitter and partisan 16-day impasse.

The narrow deal includes a stopgap measure that would fund the government through Jan. 15, and suspend the debt ceiling until Feb. 7.

http://www.usatoday.com/story/news/politics/2013/10/16/government-shutdown-debt-limit-congress-deal/2993181/

   Super Userkruijs

An eleventh-hour deal crafted by members of the US Senate appears to be in the works to save the United States from a historic default on its debt and to re-open the government until the middle of January next year.

Harry Reid, the majority leader, and his Republican counterpart, Mitch McConnell, were said to be preparing to explain the outlines of a putative agreement. It must be passed by both the Senate and the lower House of Representatives before being sent for signature by President Barack Obama. There was still some risk of an attempt by conservatives leaders to stand in its way.

Markets rose sharply in morning trading in New York in anticipation of the agreement, even though it still had to pass through the legislative machinery of Capitol Hill. The apparent breakthrough is coming just hours before a Thursday deadline when the US Treasury said it would run out of room to guarantee payments of all its bills without an increase of the debt ceiling, including to holders of US Treasury bonds. The partial shutdown of the US government is already in its third week, with 350,000 federal governments workers furloughed at home without pay.

http://www.independent.co.uk/news/world/americas/markets-rise-as-lastminute-debt-ceiling-deal-fasttracked-to-save-us-from-historic-default-and-end-government-shutdown-8884526.html

   Super Userkruijs

Majority Leader Eric Cantor spent 90 percent of a presentation to House Republicans in the Capitol basement this morning explaining and defending his convoluted plan to force the Senate to vote on defunding Obamacare before eventually allowing the upper chamber to send a “clean” CR to President Obama.

Towards the end, however, he dropped a big piece of news about the House Republican strategy heading into the next fiscal fight — over raising the debt ceiling. To increase the debt ceiling, Cantor said, Republicans will demand a one-year delay to Obamacare.

http://www.nationalreview.com/article/358107/fight-delayed-jonathan-strong

What's This!?

  • This is a user submitted question. Players make predictions on what they expect to be the actual outcome.

    more...

  • Register for free and get 1,000 KtN$
    in virtual cash to start predicting!

  • Limited offer: Sign up today and recieve double cash!

Advertisement