GOP doesn't have votes on debt limit
WASHINGTON — Congressional Republicans say they are short of the necessary votes for raising the debt limit and avoiding a first-ever government default. With barely a week before deadline, there’s no plan on what to do.
GOP leaders promised Friday that the House will act next week — just days from a Nov. 3 deadline. Increasing the government’s $18.1 trillion borrowing cap so that it can continue to pay its bills in full and on time would prevent a potential meltdown in the financial markets and save the Republican Party from presiding over a default on U.S. obligations.
Treasury Secretary Jacob Lew has warned lawmakers that the government’s ability to use accounting steps to pay its bills for veterans, Social Security recipients, federal employees and others will run out early next month.
“The debt limit will have to be raised, but we’ve got to do something to deal with it for the future,” said Majority Leader Kevin McCarthy, R-Calif. “We’ve got a lot of ideas cooking.”
But in the same breath, House GOP leaders warn that they can’t summon even minimal support for the kind of debt limit increase demanded by President Barack Obama — one that’s free of any concessions to hardline conservatives. They are still holding out hope for some kind of add-on to make the vote more palatable.
Too bad, say Democrats, who point out that Congress passed a debt-limit increase just last year without add-ons.
And all but two of 188 House Democrats have promised to vote for the measure, which means it would take just 32 out of 247 Republicans to produce a winning vote.
Top House Democrats scoff when told that GOP leaders say they might not be able to even deliver that minimal number.
“Then they ought to all be fired,” said Rep. Steny Hoyer of Maryland, the No. 2 House Democrat.
