In a push to fix absolutely nothing the debt ceiling bill was passed and it’s now awaiting Obama’s signature
WASHINGTON, D.C. (INTELLIHUB) — In a 55–43 vote the bill cleared the senate, allowing a 13 month extension on the debt ceiling once the President signs the bill.
The borrowing cap has been set at $17.2 trillion, according to reports. Apparently, they have all been bought and paid for as this ultimately offers no solution to the long-term economy.
Passage of the debt limit measure without any strings attached comes after House GOP leaders tried for weeks to find a formula to pass a version of their own that included Republican agenda items like approval of the Keystone XL oil pipeline and repeal of an element of the health care law.
But a sizable faction of House Republicans refuse to vote for any increase in the government’s borrowing abilities, which forced Boehner, R-Ohio, to turn to Minority Leader Nancy Pelosi, D-Calif., to pass the measure on the strength of Democrats.
The debt measure permits Treasury to borrow regularly through March 15, 2015, putting the issue off until after the November elections and setting it up for the new Congress to handle next year. If Republicans take over the Senate, they’re likely to insist on linking the debt ceiling to spending cuts and other GOP agenda items, but for now at least, the issue is being handled the old-fashioned way, with the party of the incumbent president being responsible for supplying the votes to pass it but with the minority party not standing in the way.
Looks like the next sitting president, likely Hillary Clinton will have her work cut out for her. Not that I favor Clinton–it’s just that she will likely be the corporate favorite, funded beyond comprehension to later scoop up the win.
(Photo: Getty Images)
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