Posted by Craig McDermott, cross-posted from Random Musings
After weeks of posturing and playing chicken with America's economic stability (and fiscal credibility), House Republicans are bringing H.R. 1954, raising the government's debt limit, to the floor for a vote Tuesday evening.
It's a vote designed to fail – they're bringing the bill to the floor under "suspension of the rules," meaning that it will require a 2/3 vote to pass.
There are 432 members of the House right now, and 2/3 of that total is 288. That means that if all 192 Democrats in the House voted to raise the debt limit, the measure would still need 96 Republicans to vote for it in order to pass.
However, not every D will vote for it (though the vast majority will) plus some will be absent (i.e. – Gabby Giffords). In other words, H.R. 1954 will need the support of somewhere between 102 and 106 Rs to pass.
Probably not going to happen. Most of them are more interested in adhering to their economic nihilist ideology than in actually governing.
The move to require a 2/3 vote, however, frees up any Republican who is from a district that is more moderate than they are to vote for raising the debt ceiling without, you know, actually raising the debt ceiling.
The vote is scheduled for ~6:30 p.m. Eastern, or ~3:30 p.m. Arizona time. The debate on the matter will be earlier in the day, late morning or early afternoon Arizona time.
Government Executive magazine, a publication of the National Journal, offers a list of likely ramifications of default here. For readers who believe that ultimately the Republicans will do the responsible thing here, read the list.
There's nothing on the list that the Republicans harbor any serious objections toward.
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This is going to get very ugly, very soon. If the debt ceiling isnt raised by august the entire government is going to come to another, unpleasant halt. Let’s hope the republicans will release the debt ceiling sooner than later…
Have any of the six consequences listed in the “default here” link come to pass yet? I am keeping my eyes open.
Good grief! The Republican¬s are holding the debt ceiling hostage to their demand for Medicare cuts. They are holding emergency response hostage in their demands for Medicare cuts. Then they vote on a bill to increase spending in the Pentagon. And absolutely wouldn’t think of raising taxes on the wealthy. Didn’t the Democrat in NY just run and win on a platform of anti-Ryan Medicare cuts and put tax hikes on the wealthy back?