Senate Majority Leader Chuck Schumer announces a deal has been reached to extend the debt ceiling through early December
Everyone seems to agree the US debt ceiling should be raised to pay for tax cuts and spending the government has already approved — and to avoid the economic calamity that would likely result from a US default. But Congress is tied up in knots.
There are a growing number of creative solutions being thrown around as the parties stick to their guns and tempt economic calamity.Ha! I'm listing this as the most fanciful, most unbelievable, least likely way to pay the nation's debts because that's the partisan space we're in at the moment. Bipartisan agreement is the way Capitol Hill should work. But Capitol Hill doesn't work right now. Republicans could simply allow an up or down vote by Democrats.
Biden, who served decades as a senator and has been loathe to get rid of the filibuster, said a one-time suspension is"a real possibility." What makes it unlikely is there are a number of Democrats, like Sen. Joe Manchin of West Virginia and Sen. Kyrsten Sinema of Arizona, who oppose ending the filibuster. Where they stand on this one-time idea to save the economy is not clear. The truth of the matter is that once somebody ends the filibuster for one thing, it's going to be a short while before it's gone for everything.
The debt we're talking about here has already been authorized by law in the form of tax cuts and spending bills, right? Previously, Congress has been called on to raise the debt ceiling with laws. So this would be a complete reinterpretation. Courts would undoubtedly be asked to weigh in. But not until Biden issues an order to suspend the debt. The closer we get to Oct. 17, the more attractive this will be.This is the most discussed path, so that could make it most likely.
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