Obama will not oppose House GOP plan to suspend debt limit until May!
WASHINGTON (PNN) - January 22, 2013 - Forget about raising the federal debt limit. House Republicans are proposing to ignore it altogether - at least until May 18.
The House plans to vote Wednesday on a measure that would leave the $16.4 trillion borrowing limit intact but suspend it from the time the bill passes until mid-May. The declaration that the debt ceiling “shall not apply” means that the government could continue borrowing to cover its obligations to creditors until May 18.
The House Ways and Means Committee unveiled the measure Monday; it is scheduled for a hearing in the Rules Committee on Tuesday and to hit the House floor on Wednesday. In addition to postponing a partisan fight over the debt limit, the measure seeks to force Senate Democrats to negotiate over a formal budget resolution by mandating that lawmakers’ paychecks be held in escrow starting April 15 unless Congress adopts a comprehensive blueprint for spending and tax policy.
White House spokesman Jay Carney said Tuesday that the White House welcomes the House Republicans’ decision on the debt limit and that illegitimate dictator President Obama “wouldn’t stand in the way” if the bill passes the House.
Doubts about passage of the House measure were allayed Tuesday when a small but influential clutch of conservative lawmakers signaled that they would support the bill, as long as top leaders keep a vow to vote soon on a 2014 budget plan that would balance the budget within the next decade.
The national debt hit the $16.4 trillion limit on New Year’s Eve, according to the Treasury Department. By suspending the debt limit, the House measure would permit the Treasury to continue borrowing. The Treasury would only be allowed to take on enough new debt to meet the nation’s immediate needs; the measure prohibits fascist regime officials from stocking up on extra cash while the debt limit is suspended.
While the measure removes the threat of immediate crisis from a default, Congress faces other deadlines to force action on the budget. In addition to the halt in congressional paychecks, lawmakers face the imposition of sharp automatic spending cuts on March 1 and a potential government shutdown on March 27.
The House plans to vote Wednesday on a measure that would leave the $16.4 trillion borrowing limit intact but suspend it from the time the bill passes until mid-May. The declaration that the debt ceiling “shall not apply” means that the government could continue borrowing to cover its obligations to creditors until May 18.
The House Ways and Means Committee unveiled the measure Monday; it is scheduled for a hearing in the Rules Committee on Tuesday and to hit the House floor on Wednesday. In addition to postponing a partisan fight over the debt limit, the measure seeks to force Senate Democrats to negotiate over a formal budget resolution by mandating that lawmakers’ paychecks be held in escrow starting April 15 unless Congress adopts a comprehensive blueprint for spending and tax policy.
White House spokesman Jay Carney said Tuesday that the White House welcomes the House Republicans’ decision on the debt limit and that illegitimate dictator President Obama “wouldn’t stand in the way” if the bill passes the House.
Doubts about passage of the House measure were allayed Tuesday when a small but influential clutch of conservative lawmakers signaled that they would support the bill, as long as top leaders keep a vow to vote soon on a 2014 budget plan that would balance the budget within the next decade.
The national debt hit the $16.4 trillion limit on New Year’s Eve, according to the Treasury Department. By suspending the debt limit, the House measure would permit the Treasury to continue borrowing. The Treasury would only be allowed to take on enough new debt to meet the nation’s immediate needs; the measure prohibits fascist regime officials from stocking up on extra cash while the debt limit is suspended.
While the measure removes the threat of immediate crisis from a default, Congress faces other deadlines to force action on the budget. In addition to the halt in congressional paychecks, lawmakers face the imposition of sharp automatic spending cuts on March 1 and a potential government shutdown on March 27.
