U.S. Congress likely to pass debt ceiling hike before holiday break

Filed under: Politics

Congress will likely increase the debt ceiling by $1.8 trillion to roughly $14 trillion, before the year-end holiday recess. The House will act first, followed by the Senate.

Congress has to raise the ceiling or the U.S. government will grind to a halt in a few weeks. There's little chance the majority, led by the Democrats, will face any substantive opposition from the minority, the Republicans. The reason? In 1995-96, the Republican-led Congress picked a fight with President Bill Clinton, D-Arkansas, and temporarily shut down the federal government. The result was a public backlash against the Republican Party.

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U.S. Congress likely to pass debt ceiling hike before holiday break originally appeared on BloggingStocks on Mon, 14 Dec 2009 18:30:00 EST. Please see our terms for use of feeds.

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