News / USA

    Possible End to US Fiscal Impasse Takes Shape in Senate

    Senate Majority Leader Sen. Harry Reid, D-Nev., is surrounded by reporters after leaving the office of Senate Minority Leader Sen. Mitch McConnell, R-Ken., on Capitol Hill on Oct. 14, 2013.
    Senate Majority Leader Sen. Harry Reid, D-Nev., is surrounded by reporters after leaving the office of Senate Minority Leader Sen. Mitch McConnell, R-Ken., on Capitol Hill on Oct. 14, 2013.
    Michael Bowman
    A bipartisan accord to reopen the U.S. government and avoid a debt default is taking shape in the Senate, as a federal shutdown enters a third week and potential U.S. insolvency looms just days away. The deal is not finalized, and may face significant opposition in the Republican-led House of Representatives.

    A way out of America’s fiscal impasse could soon be at hand, according to Senate Majority Leader Harry Reid.

    Senate Majority Leader Sen. Harry Reid is surrounded by reporters after leaving the office of Senate Minority Leader Sen. Mitch McConnell on Capitol Hill, Oct. 14, 2013.Senate Majority Leader Sen. Harry Reid is surrounded by reporters after leaving the office of Senate Minority Leader Sen. Mitch McConnell on Capitol Hill, Oct. 14, 2013.
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    Senate Majority Leader Sen. Harry Reid is surrounded by reporters after leaving the office of Senate Minority Leader Sen. Mitch McConnell on Capitol Hill, Oct. 14, 2013.
    Senate Majority Leader Sen. Harry Reid is surrounded by reporters after leaving the office of Senate Minority Leader Sen. Mitch McConnell on Capitol Hill, Oct. 14, 2013.
    “We have made tremendous progress. We are not there yet. But tremendous progress, and everyone just needs to be patient," said Reid.

    The chamber’s Republican Leader, Senator Mitch McConnell, agreed, saying two days of negotiations have yielded results.

    “We had a good day yesterday. We had another good day today. I think it is safe to say we have made substantial progress," said McConnell.

    News reports say the accord as currently envisioned would fund the federal government into mid-January and extend the U.S. borrowing limit into February, and sets the stage for bicameral budget negotiations from now through mid-December. It is hoped those negotiations would produce a subsequent accord on multiple fiscal matters. Minor changes to President Barack Obama’s signature health care law have neither been agreed to nor ruled out.

    Democrats are sounding increasingly confident that a devastating debt default will be averted. Senator Joe Manchin:

    “We will not default. I am positive of that. I mean, nothing is a sure thing, but I am as sure as I can be on that one," said Manchin.

    Senate Republicans, meanwhile, seem to have abandoned hope of using the nation’s current fiscal deadlines as leverage to block the Affordable Care Act, also known as Obamacare, or to force even greater austerity on the federal budget. Senator Rand Paul said the fiscal impasse must end.

    “I think we need to get an agreement and open the government back up," said Paul.

    A Senate deal could be finalized later Tuesday. Just how quickly the chamber will be able to vote on the measure depends on whether members refrain from procedural motions and delaying tactics. A leading foe of Obamacare, Republican Senator Ted Cruz, was asked if he plans to object to swift consideration of any deal that emerges.

    “We will have to wait to see what the details are," said Cruz.

    Even if an accord passes the Senate, it faces an uncertain fate in the House of Representatives. A spokesman for Republican House Speaker John Boehner said any deal approved by the Senate will be reviewed - and possibly altered - in the House. Treasury officials say the United States risks a debt default unless both houses of Congress pass an identical bill raising the borrowing cap by Thursday.

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    Comments
         
    by: Fed from dc from: Dc
    October 15, 2013 5:30 PM
    As Americans I ask we demand congress repeal their 27 th amendment which guarantees they get paid. We Feds are sitting he scared since we won't have $ to buy gas. Please vote out every sitting bet of congress

    by: Terry from: Summerland BC
    October 14, 2013 9:08 PM
    thank god Cruz left canada

    by: Rudy Haugeneder from: Canada
    October 14, 2013 9:01 PM
    Nothing settled. Nothing done. America is in deep financial trouble and a couple of unexpected international political upsets or a national disaster -- like a "big one" quake on the West Coast or along the Mississippi or, still a threat this year, a major, major hurricane hitting the heart of Miami -- could cripple the economy and destroy insurance companies.
    But those catastrophes aside, Congress is urinating away domestic and international confidence in the American social, political and financial systems and speed the USA's eventual collapse. Of course readers will think these concerns silly, but any one or combination could not only make you look stupid but make you financially broken.

    by: The Matrix from: USA
    October 14, 2013 6:34 PM
    Ladies and Gentlemen, this is a message from the architects of the Matrix: EVERYTHING IS OK.

    by: Rudy Haugeneder from: Victoria, BC, Canada
    October 14, 2013 3:15 PM
    Here's what additional American debt will do.
    Soon the Mexican Peso will become the world's reserve currency and Americans will be breaking down the fence keeping them out of Mexico and fighting Mexican border guards in order to get jobs in the ever-expanding Mexican economy.
    At the same time, the United States government will declare America is a bilingual nation: English and Spanish.

    by: Markt
    October 14, 2013 2:16 PM
    in 2008, Obama's word was "Change" in 2013, Obama's legacy will be "Shutdown" Quite a difference from those heady days five years ago. Let us hope this crisis is resolved, and resolved quickly, there are hundreds of thousands of families out there really struggling without a paycheck in sight, and millions more who are struggling without the government assistance they have grown to depend on.

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