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WilliamPitt

(58,179 posts) Tue Jan 22, 2013, 01:06 PM Jan 2013

House Republicans Plan to Keep Debt Limit but Suspend It Until May

Source: Washington Post

Forget about raising the federal debt limit. House Republicans are proposing to ignore it altogether -- at least until May 18.

The House plans to vote Wednesday on a measure that would leave the $16.4 trillion debt limit intact but declare that it “shall not apply” from the date the measure passes until mid-May.

This approach -- novel in modern times -- would let Republicans avoid a potentially disastrous fight over the debt limit without actually voting to let the Treasury borrow more money.

The House Ways and Means Committee unveiled the measure Monday; it is scheduled for a hearing in the Rules Committee on Tuesday and to hit the House floor on Wednesday. In addition to postponing a partisan fight over the debt limit, the measure seeks to force Senate Democrats to negotiate over a formal budget resolution by mandating that lawmakers’ paychecks be held in escrow starting April 15 unless Congress adopts a comprehensive framework for spending and tax policy.

Read more: http://www.washingtonpost.com/business/economy/house-republicans-plant-to-keep-debt-limit-but-suspend-it-until-may/2013/01/22/14bc4f3e-64ae-11e2-85f5-a8a9228e55e7_story.html?wpisrc=al_comboPNE_p

Crazy idea: JUST RAISE THE F-----G THING and stop scaring the crap out of the global markets.

11 replies

= new reply since forum marked as read

Highlight:

House Republicans Plan to Keep Debt Limit but Suspend It Until May (Original Post) WilliamPitt Jan 2013 OP

Kicking The Can ebayisajoke Jan 2013 #1

"The minute they get a budget passed the stock market crashes." WilliamPitt Jan 2013 #2

Yep, I hope they stub their toes with all their can kicking. nt valerief Jan 2013 #5

Actually, since November 2010, zbdent Jan 2013 #6

Hello ~ ebayisajoke In_The_Wind Mar 2013 #11

Ignore It All Together or Till Another Day kairos12 Jan 2013 #3

the idiot party strikes again Angry Dragon Jan 2013 #4

How is that any less ridiculous than minting a trillion-dollar coin? nt SunSeeker Jan 2013 #7

Excellent Point DallasNE Jan 2013 #10

kick the can until people figure out how to vote them out of office. yurbud Jan 2013 #8

This Opens The Door To Make "Shall Not Apply" Permanent DallasNE Jan 2013 #9

ebayisajoke

(6 posts)

1. Kicking The Can

Reply to WilliamPitt (Original post)

Tue Jan 22, 2013, 01:09 PM

Jan 2013

They love kicking the can down the road because someone in the stock market is benefiting from it. The minute they get a budget passed the stock market crashes.

WilliamPitt

(58,179 posts)

2. "The minute they get a budget passed the stock market crashes."

Reply to ebayisajoke (Reply #1)

Tue Jan 22, 2013, 01:12 PM

Jan 2013

Please explain.

P.S. Welcome to DU.

valerief

(53,235 posts)

5. Yep, I hope they stub their toes with all their can kicking. nt

Reply to ebayisajoke (Reply #1)

Tue Jan 22, 2013, 01:46 PM

Jan 2013

zbdent

(35,392 posts)

6. Actually, since November 2010,

Reply to ebayisajoke (Reply #1)

Tue Jan 22, 2013, 01:47 PM

Jan 2013

Any time John Boehner made a deal with Obama, the stock markets went up ... I'm not saying by a lot, but they did go up.

As soon as Boner met with his Teahdist tantrum-throwing toddlers, and went in front of the cameras to say he changed his mind about the deal, the stock market went down.

It's called the "Pie-hole effect".

In_The_Wind

(72,300 posts)

11. Hello ~ ebayisajoke

Reply to ebayisajoke (Reply #1)

Thu Mar 14, 2013, 06:04 AM

Mar 2013

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kairos12

(12,874 posts)

3. Ignore It All Together or Till Another Day

Reply to WilliamPitt (Original post)

Tue Jan 22, 2013, 01:12 PM

Jan 2013

The same approach Shrub took with Katrina. That worked out wonderfully for New Orleans!!!

Angry Dragon

(36,693 posts)

4. the idiot party strikes again

Reply to WilliamPitt (Original post)

Tue Jan 22, 2013, 01:29 PM

Jan 2013

SunSeeker

(51,726 posts)

7. How is that any less ridiculous than minting a trillion-dollar coin? nt

Reply to WilliamPitt (Original post)

Tue Jan 22, 2013, 01:59 PM

Jan 2013

DallasNE

(7,403 posts)

10. Excellent Point

Reply to SunSeeker (Reply #7)

Tue Jan 22, 2013, 05:18 PM

Jan 2013

A gimmick is a gimmick no matter the cloth you wrap around it.

yurbud

(39,405 posts)

8. kick the can until people figure out how to vote them out of office.

Reply to WilliamPitt (Original post)

Tue Jan 22, 2013, 03:39 PM

Jan 2013

DallasNE

(7,403 posts)

9. This Opens The Door To Make "Shall Not Apply" Permanent

Reply to WilliamPitt (Original post)

Tue Jan 22, 2013, 05:15 PM

Jan 2013

I mean, if a ceiling shall not apply for 3 months why would it ever be needed. Plus, what happens on May 19th when the debt is $16.9T and the $16.4T ceiling kicks back in? How could the government write any checks for anything until enough revenue came in to get us back to $16.4T. Only then could you start writing checks not to exceed the incoming revenue stream and only after interest on the debt has been paid in full. Now this would really set up a fiscal cliff.

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