As we reported earlier this week, President Barack Obama signed a bill over the weekend that suspended the debt ceiling until March 2015 with no spending cuts or reforms included.
Members of Congress last week voted to suspend the federal debt limit until March 2015. According to Reuters, “Extending the debt ceiling to March 2015 means the issue may not get caught up in election-year politics.”
As expected, the Senate yesterday approved a bill that will suspend the statutory debt limit until March 15, 2015. The measure passed 55 to 43 with two members not voting.
Yesterday the House voted to suspend the debt ceiling for one year. The Senate is expected to pass the legislation today. Here are the “5 Things” you need to know about this latest maneuver and the debt ceiling in general.
Yesterday the U.S. House of Representatives voted for a no-strings-attached suspension of the debt limit.
According to Congressional Quarterly, lawmakers have not reached agreement about how to proceed on a plan to increase the nation’s statutory debt limit.
Now that the fiscal year 2014 budget has passed and State of the Union is over, Congress will turn to the question of raising the debt ceiling and crafting a fiscal year 2015 budget.
Now that a budget agreement has been reached, Washington’s next big fiscal showdown will be on the debt limit.
If the debt limit is going to be raised, then voters support cuts alongside any increase. Six in ten (61%) agree if Congress increases the debt limit, then they should also cut spending. Just 23% support keeping spending levels the same, and 8% support increasing spending.
With the Obama Administration’s deadline for fixing HealthCare.gov passed (read what the president’s hometown Chicago Tribune said about the administration’s efforts), the next date on which Washington is focused is Dec. 13.