When the House returns to session on Wednesday, GOP Leadership is expected to brief Republican members and its plan for legislation to increase the debt ceiling. While Hill sources tell Breitbart News that no final decisions have been made, the legislation is likely to include a one-year delay in ObamaCare. Rep. David Camp, Chair of the Ways and Means Committee, is also pushing to include tax reform as a bargaining chip.
The Treasury Department says that the federal government will exhaust its borrowing authority, i.e. hit the debt ceiling, in mid-October. Unless the debt ceiling is lifted, the government will no longer be able to borrow money to cover its spending. Pundits say the government will “default” if it reaches the debt ceiling, but that is only true if the government prioritizes other spending ahead of interest payments.
Still, lifting the debt ceiling is one of those “must pass” pieces of legislation that makes a tempting vehicle for other pending legislation. Rumors are swirling around the Hill that measures like the Keystone Pipeline, reform of Dodd Frank, a rollback of EPA regulations and many other may be attached to the debt hike. The same dance goes on when other “must pass” legislation is under consideration.
Most of these rumored measures don’t get attached to the final legislation. The one-year delay in ObamaCare, however, is almost certain to be included. This delay would afford individuals the same grace-period that employers received earlier this year from the Obama Administration.
The House is expected to vote on its debt ceiling legislation by the end of the week.