Republicans Set to Vote on Debt Ceiling Legislation Tomorrow

Posted: Jan 22, 2013 4:50 PM
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.

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 would be is as of yet to be determined.

What conservatives may get out of all of this, on the other hand, would be a vote on a balanced budget - which means one that balances within ten years. Paul Ryan's Roadmap, the aggressive budget that has become poison to Democrats, wouldn't have balanced until 2040.

The White House issued a statement: they won't oppose this particular odd solution. Of course, the White House couldn't help but say, even in supporting legislation originating from Republicans, Republicans have been taking "hostages."

Although H.R. 325 is a short-term measure and introduces unnecessary complications, needlessly perpetuating uncertainty in the Nation's fiscal system, the Administration is encouraged that H.R. 325 lifts the immediate threat of default and indicates that congressional Republicans have backed off an insistence on holding the Nation's economy hostage to extract drastic cuts in Medicare, education, and other programs that middle-class families depend on.

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