by Christopher Freeburn | September 12, 2013 9:30 am
Partisan bickering in Congress is steering the U.S. straight into another fiscal crisis.
Top GOP leaders in the House of Representatives had to delay voting on a 2014 spending bill that would have compelled a Senate vote to authorize funding for President Barack Obama’s Affordable Care Act after Tea Party-affiliated congressmen rallied against it. The bill earned the Tea Party’s ire by permitting some funding for Obamacare. Squabbling over the spending bill comes as the government will run out of funds on Sept. 30. A few weeks later, it will hit the debt ceiling, the congressionally authorized limit on federal borrowing, Bloomberg notes.
As many as 80 House Republicans are demanding that any new spending bill cut off funds allocated to implement Obamacare. Others hope to tie their support for a new spending bill to an aggressive push to defund Obamacare during debt ceiling negotiations. One group of Republicans says it would vote to raise the debt ceiling in exchange for a one-year delay in the health care law’s implementation.
The GOP leadership in the House will meet with senior House and Senate Democrats on Thursday to discuss alternative strategies to finance government operations.
Democrats remain steadfastly opposed to any effort to stop funding for the President’s health care law and have vowed to resist any new concessions relating to spending bills or the debt ceiling.
Republicans and Democrats have clashed repeatedly over government spending and debt ceiling limits in recent years. Last year, the struggle threatened to send the nation over a “fiscal cliff” before a deal was struck.
Want to share your own views on money and politics? Drop us a line at email@example.com and we might reprint your views in our InvestorPolitics blog! Please include your name, city and state of residence. All letters submitted to this address will be considered for publication.
Source URL: http://investorplace.com/investorpolitics/government-shutdown-looms-if-funding-bill-not-signed-by-sept-30/
Short URL: http://investorplace.com/?p=401393
Copyright ©2014 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.