Question Details
When will a deal to raise the debt ceiling be reached?
Settled on 10/21/2013 20:35 Settled by kruijs
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
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