The Debt Ceiling Bill Is Coming — So Are Voting Rights
There’s a legislative train coming; it can’t be stopped; it will plow through anything that wants to stand in its way. The Federal debt limit has been reached, and as of July 31st, it applies once again to the actions of the Federal Government. The fiscal crisis is inescapable and only a legislative solution can address it. And, there will be the only amendment to that bill that matters — Joe Manchin’s version of a voting rights bill — and it will be passed in the Senate.
Treasury is already taking steps to address the crisis but they are only temporary. Here’s what’s happening right now. As our friends at CNBC tell us:
· The Treasury Department will begin conducting emergency cash-conservation steps.
· Economists say those so-called extraordinary measures will allow Treasury to pay off the government’s bills without issuing new debt for up to three months.
· That should buy Congress enough time to raise or suspend the debt ceiling. The alternative would be a never-before-seen default on U.S. debt.
By November 1st, President Biden’s “hard” infrastructure bill will be the law of the land; the “human” infrastructure bill will have either been passed by the reconciliation process or not. The point is that those issues will be resolved — one way or the…
