THe legislation wouldn't quite constitute a debt ceiling "hike." What it would do, instead, is declare the statutory debt limit shall not apply" until May 18. And, as Suzy Khimm details, "the debt limit would automatically be increased to account for borrowing that occurred during that period." What number that...
In response to:
Despite the warnings of some market prognosticators that an Obama reelection would cause a recession and stock-market crash, the Dow Jones Industrial Average has gained more than 3 percent since Election Day, including the effects of a small post-election selloff supposedly triggered by Obama's victory over Mitt Romney. The Dow gained a little bit more on Tuesday, despite Obama's second inauguration on Monday.
Following the House GOP retreat last week, reports leaked that Republican leadership would bring a debt ceiling hike to the floor of the House. It's happening soon - text of the legislation is out now and the House could vote on it as soon as tomorrow.
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