House Republicans Preparing Backup Plan For Debt Ceiling | WAMU 88.5 - American University Radio

WAMU 88.5 : News

Filed Under:

House Republicans Preparing Backup Plan For Debt Ceiling

Congress has until May 19 to make a decision on raising the debt ceiling.
http://www.flickr.com/photos/nostri-imago/3063022330/
Congress has until May 19 to make a decision on raising the debt ceiling.

House Republicans are preparing a backup plan in case Congress doesn't raise the debt ceiling — an outcome that could make borrowing more expensive. Congress suspended the requirement to raise the debt ceiling earlier this year. The suspension expires May 19.

The Treasury Department has some breathing room, but lawmakers on Capitol Hill aren't moving any closer to a deal, which has House Republicans pushing forward a bill that would order the administration to pay off its bondholders while also issuing new debt.

Virginia Republican Rob Wittman says its good to have a plan B. "I do think it's a contingency in case we don't get there," says Wittman. "I want us to get there though."

But Rep. John Delaney, D-Md. says it's a terrible contingency. He says there shouldn't even be a debate over raising the debt ceiling. But if the U.S. does default, Delaney says prioritizing payments would send a signal to the world that the U.S. weak.

"You wouldn't talk about prioritizing someone's debts unless you were worried about some of the debts not being paid, so I think it's incredibly dangerous, and it's incredibly naïve."

The last time Congress wrangled over the debt ceiling, the U.S. lost its Triple-A credit rating. Maryland and Virginia could also be downgraded if Congress gets into another protracted budget battle.

NPR

'Mislaid' Punctures Notions Of Gender And Race

In Nell Zink's new book, Mislaid, a young woman marries her male professor. It's 1965. She likes women; he likes men. What follows is a biting satire about gender, race and sexuality.
NPR

Clean Your Grill, And Other Hot Holiday Tips From Alton Brown

Whether you're barbecuing OR grilling, a meat-eater or a vegetarian, here's how to keep your flavor from going up in smoke this Memorial Day weekend.
NPR

Senate Blocks Measures To Extend NSA Data Collection

The Senate worked late into the night but was not able to figure out what to do about expiring provisions in the Patriot Act that authorize the NSA's bulk collection of Americans' phone records.
NPR

The Future Of Cardiology Will Be Shown In 3-D

The Living Heart Project aims to create a detailed simulation of the human heart that doctors and engineers can use to test experimental treatments and interventions.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.