Debt Limit Cacophony Ends With A Meh
The Thing That Must Happen happened, as the House of Representatives passed the debt limit bill 314–117 after months of fretting over it.
The Thing That Must Happen happened, as the House of Representatives passed the debt limit bill 314–117 after months of public and private fretting over it.
Late last night, the House cleared the bipartisan debt-limit bill by an overwhelming 314–117 margin.
And today, the Senate today kicks off what could be a brisk, 36-hour sprint or a drawn-out, days-long marathon on that legislation, the Fiscal Responsibility Act.
Leaders in both parties hope it’s the former. Not only to preserve their weekends, but to calm world financial markets ahead of the deadline Monday for a U.S. government default.
Based on our conversations with leadership aides, there’s a reasonable hope that the Senate can pass the debt-limit package by Friday night. And last night’s blowout House vote will lend some momentum to this. Two-thirds of House Republicans were in favor, with an even bigger total among Democrats.
The key here for Senate Majority Leader Chuck Schumer will be clinching a time agreement with senators…
