WASHINGTON (AP) — Congress is barreling toward a deadline to raise the government’s borrowing cap and avert a first-ever default on U.S. payments, but there’s no sign of a viable solution.
Instead, the Republican-controlled House is moving ahead on tea party-blessed legislation related to the debt limit that has no chance of making it through the Senate, much less of being signed by President Barack Obama.
Credit markets are already nervous about the lack of progress as a Nov. 3 Treasury Department deadline looms. That’s when the government’s ability to use accounting steps to pay its bills for veterans, Social Security recipients, federal employees and others will run out and the government would have a dangerously small fiscal cushion.
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