Monday, March 9, 2015

McConnell Vows To Raise Debt Limit

With Republicans like Mitch McConnell and John Boehner at the helm, who needs Nancy Pelosi and Harry Reid...

(Washington Times) Republicans will raise the government’s borrowing limit without threatening a default, Senate Majority Leader Mitch McConnell guaranteed Sunday, placating the markets but potentially surrendering the party’s leverage as Congress gears up for another debt showdown.

The current debt-ceiling holiday, to which Congress agreed a year ago, expires Sunday, starting the clock on debate and sending the Treasury Department scrambling to tap into its "“extraordinary measures" to keep from breaching the limit.

Budget analysts say Treasury Secretary Jacob Lew has about seven months of spare room, meaning a deal would have to be reached by October or November.

Mr. McConnell, Kentucky Republican, said on the CBS program "Face the Nation" on Sunday that Republicans may try to attach some of their priorities to the debate but won’t force another shutdown showdown as it has in the past.

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Posted By: Chris Carmouche