01-23-2013, 09:25 PM
So the House voted today and the debt ceiling and spending debates are officially postponed until March. The current situation has been years in the making and I really hope that there is finally a budget/plan with the aim of debt reduction ready to go by the end of March. I'm too jaded to bet a paycheck on it myself, but if some forward movement isn't in place by the end of the first quarter, I think we will have just moved to a different cliff side setting.
WASHINGTON — Avoiding an economic showdown with President Obama, the House on Wednesday passed legislation to suspend the nation’s statutory borrowing limit until May, without including the dollar-for-dollar spending cuts that Republicans once insisted would have to be part of any debt limit bill.
The 285-144 vote staved off an impasse that could have put the full faith and credit of the United States government into doubt and potentially set off an economic disaster. Instead, the next Republican showdown with the president will come in March, when the subject will be across-the-board spending cuts first and a possible government shutdown by the end of the month.
“We know with certainty that a debt crisis is coming to America. It’s not a question of if. It’s a question of when,” Representative Paul D. Ryan of Wisconsin, the Republicans’ former vice-presidential nominee and current Budget Committee chairman, said as he vowed to press ahead with deep spending cuts.
Full story:
http://www.nytimes.com/2013/01/24/us/pol....html?_r=0
WASHINGTON — Avoiding an economic showdown with President Obama, the House on Wednesday passed legislation to suspend the nation’s statutory borrowing limit until May, without including the dollar-for-dollar spending cuts that Republicans once insisted would have to be part of any debt limit bill.
The 285-144 vote staved off an impasse that could have put the full faith and credit of the United States government into doubt and potentially set off an economic disaster. Instead, the next Republican showdown with the president will come in March, when the subject will be across-the-board spending cuts first and a possible government shutdown by the end of the month.
“We know with certainty that a debt crisis is coming to America. It’s not a question of if. It’s a question of when,” Representative Paul D. Ryan of Wisconsin, the Republicans’ former vice-presidential nominee and current Budget Committee chairman, said as he vowed to press ahead with deep spending cuts.
Full story:
http://www.nytimes.com/2013/01/24/us/pol....html?_r=0