GOP To Raise the Debt Ceiling Wednesday
Despite talking for months about using the debt ceiling as leverage to get Senate Majority Leader Harry Reid to pass a budget, spending cuts and entitlement reform, House Republicans are expected to vote on a temporary debt ceiling increase tomorrow.
House leaders on Monday unveiled legislation to permit the government to continue borrowing money through May 18 in order to stave off a first-ever default on U.S. obligations. It is slated for a vote on Wednesday.
Although President Obama is getting a temporary break from the debt ceiling fight as a result of this latest move by Republicans, he’ll be anything but satisfied. After all, President Obama wants the debt ceiling completely eliminated and White House Press Secretary Jay Carney has repeatedly said a short term increase isn’t acceptable. On the other hand, Carney also refused last week to explain how much of an increase in the debt ceiling Obama is looking for.