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Republicans Decide Not To Force U.S. To Default Until They Retake The Senate

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Ted "Mr. Popularity" Cruz's best efforts notwithstanding, the United States will not dabble in first-time debt-defaulting until next year, at the earliest.

Legislation to extend the government's borrowing authority cleared Congress on Wednesday, ending a laborious debate that exposed divisions among Republicans, and putting the debt-limit fight to rest for more than a year.

The bill was sent to the White House, where President Barack Obama was expected to sign it, after the Senate voted 55-43 along party lines to approve a suspension of the federal debt limit through March 2015….

The bill calls for suspending a cap on government borrowing until March 16, 2015, allowing the U.S. Treasury to sell debt as necessary. In a major retreat by conservative Republicans, the legislation contains no spending cuts or other conservative policy riders, marking the first time since 2009 Congress has passed a "clean" debt limit.

Senate Approves Suspension of U.S. Debt Ceiling [WSJ]
G.O.P. Senate Leaders Avert Debt Ceiling Crisis [NYT]


By DonkeyHotey (Mitch McConnell - Caricature) [CC BY 2.0], via Wikimedia Commons

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