The Debt Ceiling….
The amount of money that United State of America can owe / borrow will rise…
The government WILL KEEP paying its bills…..
The House passed a bill Tuesday night to expedite a debt ceiling fix in the Senate, allowing Democrats to essentially raise the nation’s credit limit on their own and thwart a Christmastime default.
The measure — which is the result of an 11th-hour accord between party leaders — tees up a new path for Congress to hike the nation’s borrowing ability, preventing the Treasury Department from running out of cash as soon as this month.
The vote was 222-212.
Under the plan, at least 10 Senate Republicans would vote to allow Democrats to raise the debt ceiling with a simple majority. The Senate could start voting to allow this process Thursday, and Senate Minority Leader Mitch McConnell said he’s “confident” the plan has enough GOP support.
But both chambers would need to actually hike the debt limit in a separate vote — one that could take until early next week to clear both the House and Senate.
“We’re sending them over a process that will allow them to move forward,” said House Rules Chair Jim McGovern (D-Mass.). “Once they act, it’ll come over here, and we’ll have to act.”
Senior Democrats, including McGovern, are confident they will avert disaster before Treasury is expected to run out of cash in the middle of next week. “There are bumps in the road, but I feel good,” McGovern said….
The House Rightwingnuts are pissed that the Senate Republicans worked the deal with Democrats….
“House Republicans are questioning Senate Republicans’ decision-making at every turn, a rift that’s fueling an intraparty fight over the debt ceiling,” Politico reports.
“First it was President Joe Biden’s infrastructure bill, then it was last week’s stopgap government funding deal that divided the two GOP conferences. And after Senate Minority Leader Mitch McConnell cut a deal with Senate Majority Leader Chuck Schumer to ease Democrats’ ability to raise the debt ceiling, tensions are boiling over between the wings of the Republican Party.”
“In fact, House GOP leaders said the deal is so toxic they may not need to twist arms to get their members to vote against it.”
The Hill: McConnell faces GOP push back on debt deal.