Senate Majority Leader Harry M. Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) announced a bipartisan deal today to raise the debt limit through February 7th and end the two week old plus government shutdown. “The compromise we reached will provide our economy with the stability it desperately needs,” said Senator Reid. With the GOP’s intentions always on his mind, Speaker of the House, John Boehner tried to steer the powers that be clear of this compromise in order to advance a GOP alternative. But he failed, so Reid and McConnell quickly met earlier this week to come to one accord.
The House and Senate leaders are still in negotiations on how to maneuver this deal in order to get to President Obama’s desk by the October 17th cutoff date so that the debt ceiling can be raised. However, reports are claiming there is a level of of certainty on Capitol Hill now that a formal deal is at hand. The government through January 15th, therefor delaying the next threat of a shutdown until after the holidays.
According to the Washington Post, passage of the bill would mean that the federal government can reopen and hundreds of thousands of federal employees can return to work. It also means that the Treasury can continue to borrow money in order to pay the government’s bills. Remember, we’re $16.7 trillion dollars in debt. To say we need to borrow money is an understatement. However, the timeline of the passage of this bill sets us up for yet another showdown over spending cuts and entitlement programs, like welfare, unemployment and retirement funding.
It’s being reported that Republicans who shut down the government in a bid to undermine President Obama’s health-care program would win no major changes to the law. But they would get additional safeguards to ensure that people who receive subsidies to buy health insurance are in fact eligible. The House and Senate tried for over two weeks to use the threat of a government shutdown and potential debt default to force change in the implementation of Obama’s Affordable Care Art, to no avail. Obamacare is here.
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