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...
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according to the bill, congressional pay is going into an escrow account and must be paid out by the last day of the congress so as not to violate the 26th amendment. So their pay was never in jeopardy, it just might be delayed. Oooh, I bet Reid is quaking in his boots. The house is so afraid of bad PR, which might cost them reelection, that they are disenfranchising their base. This is why Romney received fewer votes than McCain.
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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