![]() ![]() Under today’s narrow one-party control, any plausible budget reforms need to already have broad bipartisan support. Whatever happens next, several reforms can help break the endless loop of brinkmanship by improving federal fiscal practices. This could run into opposition from Republicans who have said they will not support an isolated increase. The more likely scenario is addressing the debt limit with a continuing resolution (CR) to keep the government funded in the new fiscal year starting on Oct. Yet the budget resolution does not include that instruction, and House Speaker Nancy Pelosi Nancy Pelosi House passes trillion infrastructure bill, advances social spending plan Progressives leave Black Caucus leader waiting outside meeting On The Money - Presented by Citi - A House divided on a unified agenda MORE (D-Calif.) said it won’t be part of House consideration. A final reconciliation package may not be able to pass before the deadline for a debt limit increase anyway. The approaches now being floated by some legislators are band-aids, not structural fixes.Īn increase in or suspension of the debt limit could be attached to the partisan budget reconciliation bill being patched together on Capitol Hill. The looming debt limit increase should help Congress address the growth of the debt - which now exceeds the country’s economic output - with reforms to improve the federal government’s fiscal health. Recurring confrontations over the debt limit reflect Congress’ refusal to budget rationally and its insistence on spending irresponsibly. ![]()
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