9/17/2023 0 Comments Budget reconciliation 2022![]() ![]() ![]() Republicans are favored to win control of the House in the midterms, and recent polling suggests they also could gain a majority in the Senate. Even though the debt subject to limit stood just $189 billion below the ceiling as of Friday, Treasury has a $600 billion-plus cash stockpile it can dip into plus “extraordinary measures” it typically employs such as suspending new civil service retirement fund investments.īut some Democrats advocate action well in advance to avoid putting President Joe Biden in a difficult position next year. “The idea is very much on the table,” a former Democratic aide familiar with the discussions said.Ĭurrent expectations are that the Treasury Department’s $31.4 trillion borrowing ceiling won’t really start to bite until the third quarter of 2023. And there’s a week off for Thanksgiving to boot.īut the motive would be to take the issue off the table before Republicans assume control in January and use a “must-pass” debt ceiling bill as leverage to try and extract spending cuts that are anathema to Democrats and the White House. 16, when lawmakers would like to wrap up the 117th Congress, is procedurally treacherous. No decisions have been made, and the path to enacting another filibuster-proof budget bill in the short time allotted between Nov. Top Democrats are privately discussing the possibility of using the budget reconciliation process in the upcoming lame-duck session to raise the statutory debt limit if Republicans retake one or both chambers in the midterms. ![]()
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