Senate Democrats Back Automatic Debt Limit Hikes

Tuesday, 29 Oct 2013 02:02 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Democrats controlling the Senate proposed Tuesday to avoid future showdowns over the so-called debt ceiling by giving the president authority to authorize additional federal borrowing unless Congress can muster veto-proof margins to block him.

The move by Sens. Charles Schumer, D-N.Y., Barbara Boxer, D-Calif., and Mazie Hirono, D-Hawaii, is aimed at heading off future Washington confrontations over increasing the government's borrowing cap. Debt-limit battles this fall and in 2011 spooked financial markets and took the government precariously close to a default on its obligations.

"It's time for us to put in place a straightforward process to avoid a catastrophic default on our nation's debt," Boxer said, adding that the legislation "sends a strong message of certainty to the markets, to our families, and to the world."

The Democratic legislation is based on a proposal first unveiled by GOP Leader Mitch McConnell of Kentucky during the 2011 debt limit battle. But McConnell weighed in against the Democratic plan even before it was unveiled, saying debt increases must be paired with spending cuts or other reforms.

"Increases in the debt ceiling should be accompanied by reforms," McConnell said. "That's just what we did in 2011, when Congress raised the debt ceiling in return for enacting $2 trillion in bipartisan spending control."

McConnell is positioned to filibuster the measure if Democrats try to force a vote and the measure is a nonstarter with the GOP-controlled House.

 

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Ralph Peters: 'Psychological Problem' Makes Obama Indecisive

Tuesday, 02 Sep 2014 22:57 PM

President Barack Obama isn't making decisions on major world events because he isn't capable of doing so, retired Lt. Co . . .

Republicans Call For Swift Action Against ISIS

Tuesday, 02 Sep 2014 21:28 PM

Republican lawmakers sounded a clarion call for quick, decisive action against Islamic State (ISIS) militants after the  . . .

ISIS Apologizes - for Releasing Beheading Video too Soon

Tuesday, 02 Sep 2014 22:40 PM

Islamic State (ISIS) militants apologized after releasing a gruesome video that purports to show the beheading of Americ . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved