Frustration Levels Mount Ahead of Key Vote on Debt Ceiling
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With just four days left until the Treasury runs out of cash, all eyes on Wall Street continue to focus on a dysfunctional Congress with hopes a debt ceiling deal can be eked out before it’s too late.
House Republicans, led by John Boehner, will be bringing their plan for a vote tonight, although many questions remain about its likely success. Republicans admit they currently don't have enough votes to pass the measure, but work continues. The vote is expected to take place Thursday evening.
Even if it passes the House, Majority Leader Harry Reid (D) said the Senate would immediately kill it. "As soon as the House completes its vote, the Senate will move to take up that bill, and it will be defeated tonight," Reid said.
Reid and other Democrats would only need 51 votes to prevent the bill from advancing and votes against have already been counted.
Failure to raise the debt ceiling limit could result in government obligations not being met and also could result in a credit rating downgrade.
Markets have been very nervous as the wrangling goes down to the wire. After selling off 200 points Wednesday, stocks started stronger Thursday only to see those gains evaporate mid-day. The Dow is currently down 50 points.
UPDATE: The vote, scheduled around 5:30PM ET, has been postponed. This could be because there were not enough votes or because of a potential compromise.
House Republicans, led by John Boehner, will be bringing their plan for a vote tonight, although many questions remain about its likely success. Republicans admit they currently don't have enough votes to pass the measure, but work continues. The vote is expected to take place Thursday evening.
Even if it passes the House, Majority Leader Harry Reid (D) said the Senate would immediately kill it. "As soon as the House completes its vote, the Senate will move to take up that bill, and it will be defeated tonight," Reid said.
Reid and other Democrats would only need 51 votes to prevent the bill from advancing and votes against have already been counted.
Failure to raise the debt ceiling limit could result in government obligations not being met and also could result in a credit rating downgrade.
Markets have been very nervous as the wrangling goes down to the wire. After selling off 200 points Wednesday, stocks started stronger Thursday only to see those gains evaporate mid-day. The Dow is currently down 50 points.
UPDATE: The vote, scheduled around 5:30PM ET, has been postponed. This could be because there were not enough votes or because of a potential compromise.
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