–House Passes Motion to Disapprove $1.2 Trillion Debt Ceiling Hike
–Disapproval Motion Passes House in Nearly Party Line Vote
–Senate Expected to Reject Disapproval Motion Next Week
By John Shaw
WASHINGTON (MNI) – In a largely symbolic vote, the House passed
Wednesday a motion to disapprove the final installment of last summer’s
debt ceiling agreement, which will raise the government’s borrowing
limit by $1.2 trillion Jan. 27.
But the vote is unlikely to have any practical effect on President
Barack Obama’s request for the final $1.2 trillion debt ceiling hike.
The House passed the motion to disapprove of the final tranche of
the debt ceiling increase on a mostly party line vote of 239 to 176. The
Senate will take up the disapproval motion next week and is expected to
reject it as it did last fall.
Even if the Senate were to pass the disapproval motion, Obama could
veto the resolution. Overriding a presidential veto would require
two-thirds majorities in both the House and Senate — a virtually
inconceivable scenario.
House Speaker John Boehner called the vote a way to register
disapproval of Obama’s fiscal policies.
House Minority Leader Nancy Pelosi said the vote was “another
exercise in juvenile behavior” by House Republicans.
The House vote follows Obama’s recent letter seeking the final $1.2
trillion tranche of the debt ceiling agreement negotiated last August.
Under the agreement, once Obama formally made this request, Congress had
15 days to vote on a motion to disapprove the debt ceiling increase.
Obama’s formal request and the final congressional votes will have
the effect of increasing the current $15.2 trillion debt ceiling to
$16.4 trillion, an adjustment that would probably delay any future debt
ceiling hikes until after the November election.
** Market News International Washington Bureau: (202) 371-2121 **
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