After 16 days of a partial government shutdown, the House and Senate finally, on Wednesday night, agreed on legislation to fund the government.
And according to almost every report, the funding legislation, which was quickly signed into law by President Barack Obama, also raised the nation’s debt ceiling.
Except, that’s not exactly true.
What actually happened was that Congress voted to effectively suspend the debt ceiling from Oct. 17, 2013, through Feb. 7, 2014. In other words, they didn't raise the debt ceiling ― they eliminated it altogether until Feb 7 of next year.
As it turns out, this is the second time this year that Congress has essentially turned over the keys on debt spending. And there’s every reason to believe it will do so again when both sides pick up this fight in a few months.
Allowing the White House to raise the debt ceiling without congressional approval is a move reportedly favored by Obama, but conservative critics say it will lead to disastrous and uncheckedRead More »from There is no debt ceiling in place, and here’s why