An American flag flies outside of the US Capitol dome in Washington, the US. Picture: REUTERS/TOM BRENNER
While multiple scenarios are possible, close observers of fiscal negotiations have pencilled in the Democrats eventually opting to remove the debt limit from the stopgap spending bill. That would ensure the bipartisan passage of the government funding measure, with Democrats raising the debt ceiling using a fast-track process that bypasses the filibuster, removing the need for GOP votes.
“We’re not going to let them off the hook,” said representative Hakeem Jeffries of New York, a member of House leadership. Senate majority leader Chuck Schumer said every Democrat is “outraged” at GOP opposition to suspending the debt limit. The S&P 500 Index tumbled more than 16% over a fortnight in the summer of 2011 during a bitter partisan standoff over the debt limit — one that spurred S&P Global Ratings to cut what had been the US’s AAA sovereign credit rating.
Long before such market pressure, Democrats are likely to strip the debt limit from the continuing resolution — smoothing bipartisan passage and avoiding or ending a shutdown.
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