4

Democrats forge ahead on a long-shot maneuver to solve the debt-ceiling crisis

 1 year ago
source link: https://finance.yahoo.com/news/the-democrats-long-shot-plan-to-solve-the-debt-ceiling-crisis-152846711.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
neoserver,ios ssh client

The Democrats' long-shot plan to solve the debt-ceiling crisis

12:56
Sen. Warren talks SVB exec testimonies, bipartisan bill, banking regulation, debt ceiling
 before the Senate 
 Banking Committee. 
Sen. Warren talks SVB exec testimonies, bipartisan bill, banking regulation, debt ceiling
Scroll back up to restore default view.
Ben Werschkul
·Washington Correspondent
Thu, May 18, 2023, 12:28 AM GMT+9·5 min read

House Democrats are advancing in a long-shot effort to make an end run around House Speaker Kevin McCarthy and raise the debt ceiling with the help of moderate Republicans.

An obscure bit of congressional procedure called a discharge petition was formally filed Tuesday by Rep. Brendan Boyle (D-PA), who affixed his name as the first signature with House Minority Leader Hakeem Jeffries (D-NY) signing on shortly afterwards.

Democratic leadership says “all Members are urged to sign the petition as soon as possible today.”

A discharge petition would theoretically allow a handful of moderate Republicans to team up with Democrats and put a bill to raise the debt ceiling up for a full House vote — even over the objections of McCarthy.

It is a maneuver that even its proponents acknowledge has long odds of success - and it has virtually no chance of raising the limit by June 1. Nevertheless, it is another example of the growing unrest from liberal Democrats on the direction of the debt talks in recent days.

“Filing this petition does not preclude a deal or prevent other action – but it does create flexibility so Congress can come together to act," Boyle said in a statement.

Wednesday’s announcement comes after a high-stakes meeting Tuesday where the White House seemed to drop its previous pretense that the debt ceiling was not to be negotiated over. The two sides agreed to direct negotiations between a team of White House aides and representatives for McCarthy.

US President Joe Biden (C) speaks during a meeting on the debt limit with (L-R) US House Speaker Kevin McCarthy (R-CA), US Vice President Kamala Harris, Senate Majority Leader Chuck Schumer (D-NY), and House Minority Leader Hakeem Jeffries (D-NY) in the Oval Office of the White House in Washington, DC, on May 16, 2023. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)
President Joe Biden during a meeting on the debt limit Tiuesday with, from left to right, House Speaker Kevin McCarthy (R-CA), Vice President Kamala Harris, Senate Majority Leader Chuck Schumer (D-NY), and House Minority Leader Hakeem Jeffries (D-NY). (SAUL LOEB/AFP via Getty Images)

President Biden sought to quell some of the unrest from his left flank in a speech Wednesday morning, maintaining that he is still only negotiating over "the outlines of a budget" and not a default.

He said he is open to discussing additional work requirements for social programs but would not agree to "anything of any consequence" beyond what already is the law.

"I am confident that we will get the agreement on the budget and American will not default," he added before departing for a trip to Japan.

Recommended Stories

About Joyk


Aggregate valuable and interesting links.
Joyk means Joy of geeK