Market Updates
U.S. House Revises Debt Ceiling, Republicans Capitulate
Nigel Thomas
12 Feb, 2014
New York City
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The U.S. House approved the federal government
The U.S. House approved the federal government’s borrowing authority without any conditions attached after Republican Party leaders dropped all policy demands to avoid a confrontation in an election year.
The debt ceiling was suspended until February 7 after a bipartisan deal in October that terminated a 16-day government shutdown.
If the measure had failed to pass the house, the next time lawmakers could vote on the bill would be on February 25 and too close to the deadline set by the Treasury Secretary when extraordinary maneuvers to sustain government finances would run out.
Lawmakers in a 221-to-201 vote approved the first in increase in debt ceiling without any conditions attached since 2009. Two Democrats voted no and 28 Republicans voted yes.
The measure lifts U.S. Treasury’s borrowing authority until March 2015, postponing any further showdowns in the Senate and the House until after mid-term elections in November.
The vote also ended the 3-year era brought by active blocking of Federal government functioning by the Tea Party faction of the Republican Party as voters turn away from their confrontation politics that favors spending in military and trims welfare and domestic infrastructure spending.
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