By Jake Sherman
It’s almost time to reach for the kitchen sink.
All week, House Republican leaders have been stymied in crafting a debt-limit package that could pass with only Republican support.
Now, Speaker John Boehner (Ohio) and other top Republicans are considering attaching a whole laundry list of provisions to the debt ceiling that do precious little to decrease the deficit but would instead serve only to attract enough Democratic support to move the legislation on to the Senate.
By Jake Sherman
The Obama administration wants Congress to raise the debt limit in the next 16 days.
Treasury Secretary Jack Lew sent a letter to Speaker John Boehner on Wednesday, saying the “best course of action would be for Congress to “raise the nation’s debt limit “before February 7 to ensure orderly financing of the government.” At the latest, Lew writes, Congress must lift the cap by the end of February.
“When I previously wrote to you in December, I estimated that Treasury would exhaust extraordinary measures in late February or early March,” Lew wrote to Boehner. “Based on our best and most recent information, we believe that Treasury is more likely to exhaust those measures in late February. While this forecast is subject to inherent variability, we do not foresee any reasonable scenario in which the extraordinary measures would last for an extended period of time.”
There’s not a ton of time. The House is out of session this week and in session for only two-and-a-half days next week. As of right now, there doesn’t appear to be a plan to lift the debt limit. Asked last week whether Congress would have to deal with the debt limit by late February, Boehner demurred.