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Pelosi says proposal to take debt ceiling authority away from Congress ‘has merit’

Speaker Nancy PelosiblankNancy PelosiOvernight Health Care — Presented by The National Council on Mental Wellbeing — Merck asks FDA to authorize five-day COVID-19 treatment On The Money — Democrats set up chaotic end-of-year stretch One-quarter of critical infrastructure at risk of failure from flooding: research MORE (D-Calif.) stated Tuesday she thinks a invoice that may switch the authority to lift the debt restrict from Congress to the Treasury secretary “has benefit.”

Pelosi’s assist for shifting the near-annual accountability of guaranteeing the U.S. does not default on its money owed comes as a rising variety of Democrats in current weeks have endorsed abolishing the debt limit in its present kind. 

Home Finances Committee Chairman John YarmuthblankJohn Allen YarmuthOn The Money — Democrats set up chaotic end-of-year stretch The Hill’s Morning Report – Presented by Altria – Political crosscurrents persist for Biden, Dems Growing number of Democrats endorse abolishing debt limit altogether MORE (D-Ky.) and Rep. Brendan Boyle (D-Pa.) launched a invoice late final month that may vest the accountability of elevating the debt restrict with the Treasury secretary.

“I believe it has benefit,” Pelosi stated of the proposal at a press convention within the Capitol.

The Home is scheduled to vote later Tuesday to clear a short-term extension of the debt restrict into early December, lower than every week earlier than the Oct. 18 deadline through which the Treasury Division estimated the U.S. might begin defaulting on its obligations.

The requires reforming the debt restrict got here in response to Republicans’ insistence in current weeks that they might not vote to lift the debt restrict as a result of they need Democrats to make use of the funds reconciliation course of, which is exempt from a Senate filibuster however is extra time-consuming and requires specifying a quantity to lift the debt restrict to, slightly than suspending it for a time frame. 

Senate Minority Chief Mitch McConnellblankAddison (Mitch) Mitchell McConnellDemocrats are ignoring the only thing that matters The Hill’s 12:30 Report – Presented by The National Columbus Education Foundation – Positive developments on COVID-19 treatments The Hill’s Morning Report – Presented by Altria – Political crosscurrents persist for Biden, Dems MORE (R-Ky.) in the end agreed to provide sufficient GOP votes to advance a short-term measure to lift the debt restrict, arguing it will present sufficient time for Democrats to make use of reconciliation within the coming weeks for a long-term measure and vowing that Republicans wouldn’t vote for another extension

Pelosi stated late final month that she thinks the Boyle-Yarmuth proposal is an “glorious thought.”

However for now, Pelosi and different Democratic leaders are centered on guaranteeing that laws to forestall a debt default subsequent week reaches President BidenblankJoe BidenGruden out as Raiders coach after further emails reveal homophobic, sexist comments Abbott bans vaccine mandates from any ‘entity in Texas’ Jill Biden to campaign with McAuliffe on Friday MORE‘s desk.

“Within the meantime, we’ll cross a invoice as we speak to take us to December,” Pelosi stated.

Treasury Secretary Janet YellenblankJanet Louise YellenOn The Money — Democrats set up chaotic end-of-year stretch The Hill’s Morning Report – Presented by Altria – Political crosscurrents persist for Biden, Dems Yellen confident of minimum global corporate tax passage in Congress MORE final month endorsed the idea of abolishing the debt restrict in its present kind. 

The White Home has not but indicated if Biden helps related reforms to the debt restrict.

“Proper now, our focus is on elevating the debt ceiling and the restricted period of time we’ve left to do this,” White Home press secretary Jen PsakiblankJen PsakiBannon’s subpoena snub sets up big decision for Biden DOJ The Memo: Biden’s horizon is clouded by doubt Biden administration competency doubts increase MORE stated final week. “There’s loads of time to have a dialog after that.”

https://thehill.com/homenews/home/576354-pelosi-says-proposal-to-take-debt-ceiling-authority-away-from-congress-has | Pelosi says proposal to take debt ceiling authority away from Congress ‘has benefit’

Huynh Nguyen

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