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Sunday, October 25th, 2015

Republican Leaders Struggle To Find Votes To Up Debt Limit

Author:     Andrew Taylor
Source:     TPM
Publication Date:     October 24, 2015, 11:02 AM EDT
 Link: Republican Leaders Struggle To Find Votes To Up Debt Limit
Stephan:   Early Warning: The House Republicans really just don't understand what democratic governance is about. I assume that at the 11th hour and 59th minute this will sort itself out. If not we may have the first default in our history.
Floor of the House of Representatives Credit: www.house.gov

Floor of the House of Representatives
Credit: www.house.gov

WASHINGTON  — Congressional Republicans say they are short of the necessary votes for raising the debt limit and avoiding a first-ever government default. With barely a week before deadline, there’s no plan on what to do.

It’s a huge problem for House Speaker John Boehner and a potential nightmare for his successor-in-waiting, Rep. Paul Ryan, R-Wis.

GOP leaders promised Friday that the House will act next week — just days from a Nov. 3 deadline. Increasing the government’s $18.1 trillion borrowing cap so that it can continue to pay its bills in full and on time would prevent a potential meltdown in the financial markets and save the Republican Party from presiding over a default on U.S. obligations.

Treasury Secretary Jacob Lew has warned lawmakers that the government’s ability to use accounting steps to pay its bills for veterans, Social Security recipients, federal employees and others will run out early next month.

“The debt limit will have to be raised, but we’ve got […]

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