Congress passed its landmark Fiscal Responsibility Act this week to raise the debt ceiling ahead of a looming default deadline. Now, Democrats are considering ways to eliminate the debt limit entirely from spending talks.
Lawmakers approved the bipartisan deal earlier this week that allows Democrats to raise the debt ceiling while approving a number of government spending cuts proposed by Republicans. The deal meant that neither side got all that it wanted — a result of a divided government, party leaders said.
After the U.S. hit the debt ceiling earlier this year, Republicans in Congress refused to vote to raise the limit once again without substantial spending cuts attached to it. President Joe Biden initially rejected the idea of putting the debt ceiling on the negotiating table, arguing lawmakers must raise it separately from any budget reforms.
Senate Democrats introduced legislation earlier this year that would do just that. Under the Protect our CREDIT Act, the president would be required to determine the amount of debt necessary for the upcoming fiscal year and propose a new debt limit based on the spending amount authorized by Congress.
A similar idea was once proposed by Senate Minority Leader Mitch McConnell in 2011, which was later included in the Budget Control Act of 2011. Under that system, Congress could override the president’s debt ceiling increases with a resolution of disapproval — although those never garnered enough support in Congress, and the proposed increases were allowed to go into effect.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Rand Paul's 'conservative alternative' would bring some fiscal responsibility to the governmentAs House Democrats and Republicans reached an agreement on the Fiscal Responsibility Act, fiscal hawk Sen. Rand Paul (R-KY) suggested a 'conservative alternative' to the debt deal. Paul's proposal, known as the 'Five Penny Plan of 2023,' would bring 'responsible reforms and necessary cuts' to…
Weiterlesen »
Real test of Fiscal Responsibility Act will be sturdiness of spending targetsWithout taking sides on the wisdom of the debt limit increase (unironically named the “Fiscal Responsibility Act”), a couple of features of the deal and the surrounding conversation are worth noting.
Weiterlesen »
18 Texans in Congress opposed debt ceiling deal, including 4 DemocratsEighteen Texans, mostly Republicans, voted against a bill to push off the nation's debt limit for two years as the deal to avert a default passed the House on Wednesday night over opposition from both the right and the left.
Weiterlesen »
Jim Harbaugh admits responsibility in failed Glenn Schembechler hiring process: ‘We’ve got to be better’Michigan football head coach Jim Harbaugh took the blame for the failed vetting process that led to the hiring of Glenn 'Shemy' Schembechler last month.
Weiterlesen »
Michigan's Jim Harbaugh takes responsibility for Shemy Schembechler hire after racist Twitter activity uncoveredMichigan's hire of Shemy Schembechler, the son of legendary Wolverines head coach Bo Schembechler, for a recruiting job felt like your standard feel-good homecoming story, up until a group of fans discovered some wildly problematic activity on the man's Twitter account.
Weiterlesen »
'Facebook Receipts' project aims to reveal Meta's ability to influence Congress through high-powered lobbyistsThe Facebook Receipts aims to spotlight the social media juggernaut’s ability to influence legislation and regulation through high-powered lobbyists.
Weiterlesen »