Debt & Taxes
GOP Plans Quick Debt Ceiling Vote
Tuesday, January 22, 2013 - 11:29am
Printer-friendly versionPDF version
a a
 
Type Size: Small

Don’t expect another nail-biter on tomorrow’s House vote to raise the debt ceiling for three months, even though House Speaker John Boehner’s Plan B went up in flames. And the fiscal cliff deal on taxes sparked some rebellion too. Same deal with relief for Hurricane Sandy.

But GOP House leadership is confident after their three-day annual retreat that the four-page debt ceiling bill will pass. It would raise the federal borrowing limit until May 19. The GOP are trying to pressure the Senate Democrats into passing a federal budget by April 15, something they haven’t managed to do in four years. And it’s no coincidence that the April deadline lines up with tax day.

The White House has previously opposed a short-term debt ceiling hike, but has yet to weigh in on the House GOP’s new proposal.  -  Read more at Politico

GOP PRESSURES DEMS ON BUDGET    Build the Pentagon three times, go to the moon 179 times, and earn an accounting degree from the University of Chicago, “these are all things Senate Democrats could have accomplished since the last budget was passed,” at least, according to House Speaker Boehner’s new communication’s push to pressure the Democrat-controlled Senate into crafting a budget.

But, uh, awkward fact check time. The University of Chicago has no accounting major. However, it would be possible to earn a degree in Comparative Human Development from David Axelrod’s alma mater in that time.  -   See more here

HAS OBAMA GIVEN UP ON ENTITLEMENT REFORM?     Business Insider’s Joe Weisenthal writes on the inaugural address: “Prior to today, there had been some talk that Obama would pursue deficit reduction, as part of his legacy project in his second term. But it's pretty clear that ship has sailed….Most likely, Obama is done on the entitlement, spending front. And realistically, this may be the end of serious entitlement talk for a long while. Entitlement cutting had appeal with gigantic, trillion dollar deficits (even though entitlements were not driving said deficits). But as the deficit shrinks, the broader appetite for addressing any of these issues will fade.”   Read more at Business Insider

DEBT CEILING HEARING TODAY    Here’s the substance to go with the planned House vote on the three-month debt ceiling extension: The House Ways and Means Committee will discuss raising the national borrowing limit at 1:30 p.m. in the Longworth House office building. "This hearing will examine the role and purpose of the debt limit, review past practices regarding its increase, and explore solutions that ensure responsible management of the government's finances,” House Ways and Means Committee Chairman Dave Camp R-MI, said in the hearing announcement.   -   See the hearing advisory here 

 

Washington Correspondent Brianna Ehley, based in D.C., covers Congress, government agencies and spending issues, health care, and tax and economic policy for The Fiscal Times.