Senate To Accept GOP Debt-Ceiling Plan
The new plan would halt the current debt limit of $16.4 trillion, allowing the Treasury to continue borrowing through May 18. This would then buy an additional month or two of time to manage the debt.
The deal was brokered in part because House Speaker John Boehner dropped all demands that every dollar in increased borrowing authority be met with a corresponding dollar in spending cuts.
If the House passes the new deal, the Senate could commit within the next week, one month ahead of when the debt-ceiling limit is slated to hit.
Read the full story at the Washington Post.
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