{"id":469827,"date":"2011-07-28T14:07:42","date_gmt":"2011-07-28T14:07:42","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/07\/28\/us-house-set-for-cliffhanger-debt-vote\/"},"modified":"2011-07-28T14:07:42","modified_gmt":"2011-07-28T14:07:42","slug":"us-house-set-for-cliffhanger-debt-vote","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/07\/28\/us-house-set-for-cliffhanger-debt-vote\/","title":{"rendered":"US House set for cliffhanger debt vote"},"content":{"rendered":"

28 July 2011<\/span> Last updated at<\/span> 10:07 ET<\/span><\/span><\/p>\n

A key, revised bill put forward by US Republican leaders to try to avert a debt default next week is set to go to a vote in the House of Representatives.<\/p>\n

But House Speaker John Boehner’s bill faces a conservative revolt, unanimous opposition by Senate Democrats and a White House veto threat.<\/p>\n

Republicans hold 240 of the 433 votes to be cast, and need 217 of their members to back the bill to pass it.<\/p>\n

Mr Boehner told dissenting colleagues on Wednesday: “Get your ass in line.”<\/p>\n

The US Treasury has warned the government will run out of money to pay all its bills unless a $14.3tn borrowing limit is increased by next Tuesday.<\/p>\n

Mr Boehner’s plan would trim $917bn from the US budget deficit over 10 years and raise the debt limit by up to $900bn.<\/p>\n

President Barack Obama supports another plan by top Senate Democrat Harry Reid, which would cut $2.2tn from deficits, and raise the debt ceiling by $2.7tn.<\/p>\n

But that is thought unlikely in its current form to pass the Republican-controlled House.<\/p>\n

Both Republican and Democratic plans underwent revisions on Wednesday after congressional budget analysts said the savings advertised by each one had been overstated.<\/p>\n

The Boehner and Reid plans overlap in key ways – trimming spending over 10 years, shunning President Obama’s call for tax increases on the wealthy and creating special lawmaker committees to craft future cuts.<\/p>\n

But Mr Boehner’s approach would force another debt-limit showdown during next year’s presidential campaign, something Mr Obama has fiercely opposed.<\/p>\n

Senate Majority Leader Reid’s plan would see the ceiling lifted until after the November 2012 elections.<\/p>\n

Analysts say success in the House for the Boehner plan would lend it legitimacy, but it would not be able to pass in the Senate.<\/p>\n

Continue reading the main story<\/a> <\/p>\n

\u201cStart Quote<\/span><\/h2>\n
\n

All the great, historic compromises [Mr Obama] is talking about failed at the first hurdle. And the second and third. They took time. Years. Decades. This deadline is just days away\u201d<\/p>\n<\/blockquote>\n

End Quote<\/span><\/p>\n<\/div>\n

The most probable scenario is thought to be a frantic last-minute hunt for a compromise and final, razor’s-edge votes in both chambers, with the high-stakes game of legislative brinkmanship expected to go down to the wire all weekend.<\/p>\n

Mr Reid hinted of a compromise as he told reporters on Wednesday: “Magic things can happen here in Congress in a very short period of time under the right circumstances.”<\/p>\n

Senate Finance Committee Chairman Max Baucus predicted an endgame that would see lawmakers modify Mr Reid’s bill to make it more appealing to Republicans.<\/p>\n

Washington hit its debt ceiling in May, but has used accounting adjustments, as well as higher-than-expected tax receipts, to continue operating.<\/p>\n

On Wednesday, Mr Boehner and his lieutenants met restive members of the House rank and file – including some who oppose lifting the debt limit under any circumstances – to persuade them to back his plan.<\/p>\n

In a new twist that analysts say illustrates the discord among the Republican party, Republican Senator John McCain, the party’s 2008 presidential nominee, took to the Senate floor<\/a> to criticise some freshman House Republicans’ stance on the debt issue as “foolish” and “bizarro”.<\/p>\n

In recent decades, the US Congress has increased the government’s borrowing authority dozens of times as a matter of routine, but this year newly elected conservative Republicans have demanded steep cuts to the budget deficit as the price of an increase.<\/p>\n<\/div>\n

See original here:
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