Speaker Kevin McCarthy says it would take a week and a half for a debt deal to pass Congress. But both chambers have certain escape hatches in case timing slips — if lawmakers cooperate.
On the Senate side, it can take up to a week to process a bill without agreement from all 100 senators. It will undoubtedly prove difficult to get unanimous support, in which case Schumer will have to whip up at least 60 votes to advance the legislation. And with the deadline so close, individual senators will have enormous leverage to demand amendment votes, further gumming up the works.
If McCarthy and the White House strike a compromise, but there isn’t enough time to turn it into law before the U.S. risks default, Congress could pass a simple bill to raise the debt ceiling for only a short period. That would allow the country to avoid economic calamity while Congress works out the details on longer-term legislation.
Congress used a short-term patch to avoid default just two years ago. In the winter of 2021, when Democrats controlled both the House and Senate, theyin the debt limit to buy roughly two more months to figure out a longer-term solution.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
ChatGPT boss testifies before Congress on risks, benefits of AIFast-evolving artificial intelligence technologies need government oversight, OpenAI's CEO told Congress on Tuesday.
Les mer »
Marjorie Taylor Greene fumes after being laughed at in CongressGreene's claim that the real white supremacists are those supporting abortion rights apparently made expert on hate groups Amy Spitalnick laugh.
Les mer »
Speaker McCarthy says he thinks the U.S. won't default as debt talks inch forward'I think at the end of the day we do not have a debt default,' McCarthy told CNBC's 'Squawk Box' Wednesday morning.
Les mer »
US House Speaker McCarthy: There will not be tax discussion in debt ceiling talksIn an interview with CNBC on Wednesday, US House Speaker Kevin McCarthy defended Republicans' call for greater spending limits, as reported by Reuters
Les mer »
Ecuador president dissolves congress, bringing elections forwardEcuador's President Guillermo Lasso, who was facing impeachment proceedings, dissolves National Assembly in a decree, bringing forward legislative and presidential elections
Les mer »
Ecuador’s Guillermo Lasso dissolves congress, avoiding impeachmentOn the verge of impeachment, Guillermo Lasso, Ecuador’s beleaguered president, announced on Wednesday that he would dissolve the country’s legislature, move to rule by decree and hold a new presidential election within six months.
Les mer »