Budget Ceiling Crisis Update: Debt Limit Compromise Passes the House
As the commentary and reports roll out of Washington D.C., it is apparent that we are not as near to a solution as first thought. This post will be constantly updated with the newest activities on the debt ceiling.
7:09pm The debt ceiling compromise passes the house by a wide margin 269-161. The bill will be voted on in the Senate tomorrow.
9:30pm Obama announces that a deal has been reached and House Speaker Boehner releases framework for agreed to debt deal
12:25pm Senate minority leader Mitch McConnell says that GOP senators will meet at 1:45p today on the debt deal. No word on a time change for today’s expected Senate vote.
1:30pm Senate votes to end debate (cloture) on Sen. Reid’s debt bill (S. 627). The vote failed and debate continues. This will allow the continuation of debate and will delay a final vote (vote for passage) of the bill. Sen. Reid voted no. A successful cloture vote is the first step to moving towards a yay or nay vote on the bill itself.
4:55pm As Democrat Senate leaders left Nancy Pelosi’s office, Senate Majority Leader Harry Reid said they “hope to” have a deal and vote tonight. The progressive caucus is upset that there are no tax hikes in the deal, Republicans are not happy with the defense cuts in the deal. The deal seems set to garner votes only from the middle of both Party’s coalition. It may be all over but the nose counting.
6:10pm Harry Reid has signed off on a compromise bill pending approval of the caucus. Considering the actions being sought by the Congressional Black Congress and Progressive caucus, he may have trouble getting enough noses to vote for what he’s agreed to.
8:00am House version of Reid’s debt bill to be voted on at 1pm. Senate version at 1am Sunday.
10:15am Reports surfacing that Reid is changing his plan to use the January baseline and current law as basis. That means that he gets to count cuts that in earlier this year as part of his bill for CBO scoring. These approaches also allow the CBO to assume that AMT will affect more of the middle class and that the Bush tax cuts will expire. This could increase tax liabilities on the middle class by up to $3.8 trillion.
3:07 Harry Reid’s debt bill fails in the house by a 70 vote margin (176-246). Despite Democrats complaining that the bill was being considered under suspension rules which require a 2/3rds majority to win. If the bill had been considered under a simple majority threshold, it still would have failed as 214 votes are needed to hit that mark. 10 Democrats crossed the aisle in expressing no votes against Reid’s proposed debt solution. One republican crossed over in support of Reid’s bill.
5:05 Reid emerges from Democrat-only session at the White House with Obama and Former House Speaker Nancy Pelosi. Says they are no closer to a deal. With who? Aren’t those three at least on the same page?
10:08pm Reid announces that the vote on the Senate plan is postponed until 1pm on Sunday, July 31st.
9:20am White House announces that Obama will speak on the debt ceiling crisis at 10:20am. Live Feed here: http://conservativedailynews.com/2011/07/president-obamas-speech-on-debt-ceiling-live-feed/
9:30am Market open sharply lower – GDP numbers and debt ceiling at the forefront. Dow down: 91, S&P down 12, NASDAQ down 31, Gold up 18
9:45am Rep. Trey Gowdy: “I think we made progress last night. What we’ll do today, and I predict it will be done today, is for the third time send a plan that raises the debt ceiling in a responsible way.'”
9:50am Senate Majority Leader Harry Reid says “Senate can no longer wait for the House to act on debt ceiling”.
10:30 White House feed of Obama’s debt ceiling remarks still hasn’t started.
10:51 Obama’s remarks concluded, recorded video and transcript to be available later here: http://conservativedailynews.com/2011/07/president-obamas-speech-on-debt-ceiling-live-feed/
11:45 House leadership adding balanced budget amendment to Boehner bill – should garner enough support for House passage. Vote expected today.
12:27pm House version of Harry Reid’s “compromise” is entered: HR 2693 – Reid’s Debt Bill in the House [Full Text]
2:30pm House vote on revised Boehner bill scheduled for 6pm
6:25pm Boehner’s compromise bill passed with an 8 vote margin – 218-210. There were five democrats not voting. Not a single democrat crossed the isle to show any semblance of bi-partisanship. From the right side of the House, 22 republicans voted against it and 218 for. Now the bill will be hastily taken over to the Senate where Senate Majority Leader Harry Reid has promised to table it. The next move is on the Senate. GOP no votes were: Amash, Bachmann, Broun(GA), Chaffetz, Cravaack, DesJarlais, Duncan (SC), Gowdy, Graves (GA), Huelskamp, Johnson (IL), Jordan, King (IA), Latham, Mack, Mulvaney, McClintock, Mulvaney, Paul, Southerland, Walsh (IL), Wilson (SC).
6:30pm The bill is sent to the Senate where Leader Harry Reid has promised to immediately table it.
8:30pm Harry Reid refuses to have a 60-vote threshold vote on his debt ceiling bill – therefor creating an additional 24 hour delay. Reid Shows Signs That He Does Not Have 60 Votes for His Bill [Video]
7:30pm No vote in the House on the Boehner bill until at least 8pm. It is becoming obvious that Speaker Boehner does not have the votes to pass his bill.
8:00pm House adjourned, no further details
9:00pm Reports coming out of Capital Hill say that Boehner’s bill is going back to the the House Rules Committee and indicates that a vote may not occur tonight.
9:10pm Eric Cantor confirms that the vote is definitely on for tonight.
9:20pm Confirmation that the bill is being “tweaked” to get more votes. Rep. Rand Paul says, “They can tweak it all the way into Cut, Cap and Balance and they can have all the votes they need.” The real question is which votes is the tweaking being done for?
10:28 House Majority Whip: No vote tonight on the debt ceiling.
10:40 Senate confirms no vote for them either tonight