House Republicans Pass Symbolic Bill on Debt Limit
Republicans in the House passed a legislation that calls for a limit on spending by the federal government and an amendment to the constitution that would try to decrease the budget deficit. It would not progress in the Senate. President Barack Obama said that they should already consider a solution to solve the budget problem before time runs out.
Obama commended the new proposal made by a bipartisan group of senators called the Gang of Six. Their plan is to combine revenue increases and spending cuts in a $3.7 trillion deficit cut that would be a compromise between the president and House Speaker John A. Boehner.
The House vote is a symbolic move because it doesn’t have the chance to be passed in Senate. It was started by the House GOP leaders to rally the conservatives who oppose higher debt limit. Their plan is to cut the federal spending by $110 billion in the 2012 fiscal year. They also want a constitutional amendment that would mandate a balanced federal budget but it must be voted by two-thirds of the House and Senate, which is most likely not to happen at this time.
All except for nine Republicans voted in favor of the bill. Tea party activists and House GOP first-termers should lower their expectations as negotiations are still underway to find a solution to the looming disaster.