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.
With the CBO’s Budget and Economic Outlook for 2014 to 2024 report released yesterday, jobs numbers coming out tomorrow and the end of the suspension of the debt limit approaching, it has been a busy week in Washington.
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.
Washington is currently wrapped up in a fierce budget debate in which some members of Congress insisted on increasing spending.
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.
Late last night the Senate and House voted to fund federal agencies and send hundreds of thousands of federal employees back to work. According to The Washington Post, “The agreement struck by Senate Majority Leader Harry M. Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) ended a stalemate created last month, when hard-line conservatives pushed GOP leaders to use the threat of shutdown to block a landmark expansion of federally funded health coverage.”