What’s in the Debt-Limit Deal?

Finally, an answer.

Senate Minority Leader Mitch McConnell (R-KY) arrives at the U.S. Capitol October 16, 2013 in Washington, DC.
National Journal
Brian Resnick
Add to Briefcase
Brian Resnick
Oct. 16, 2013, 1:40 p.m.

Here they are, the stip­u­la­tions of the le­gis­la­tion that will re­open the gov­ern­ment after 16 days of back-and-forth ef­forts that went nowhere, Re­pub­lic­an in­fight­ing, hy­per­bole, and al­co­hol.

Here’s what we know Re­pub­lic­an and Demo­crat­ic sen­at­ors have agreed to:

  • Re­open the gov­ern­ment, and fund it through Jan. 15.
  • Push back the debt ceil­ing un­til Feb. 7.
  • Con­vene a con­fer­ence com­mit­tee (led by Sen­ate Budge Com­mit­tee Chair­wo­man Patty Mur­ray, D-Wash., and House Budget Com­mit­tee Chair­man Paul Ry­an, R-Wis.) to shape a longer-term budget (does this sound fa­mil­i­ar?) that would ad­dress wheth­er se­quester-level spend­ing cuts will be here to stay.
  • In a small con­ces­sion — and the only change to the health care law — Demo­crats agreed to a meas­ure to en­sure those who re­ceive sub­sidies to buy health care meet eli­gib­il­ity re­quire­ments. White House spokes­per­son Jay Car­ney as­sures that this does not amount to “ransom” and main­tains the pres­id­ent’s line that he would not ne­go­ti­ate over the debt ceil­ing.
  • Give back pay to fed­er­al work­ers fur­loughed dur­ing the shut­down.

So how have things changed in the past 16 days?

  • The gov­ern­ment has wasted mil­lions of dol­lars pay­ing its work­ers for not work­ing. 
  • S&P es­tim­ates that the shut­down de­creased GDP growth by .6 per­cent, amount­ing to $24-bil­lion bite out of the eco­nomy.
  • It will now be slightly more dif­fi­cult to scam the gov­ern­ment for health care sub­sidies.
  • A ma­jor cred­it-eval­u­ation agency has threatened to down­grade the U.S. cred­it rat­ing.
  • The GOP’s fa­vor­ab­il­ity rat­ings plummeted to a re­cord low for any party.
  • Just 5 per­cent of Amer­ic­ans thought Con­gress was do­ing a good job.
  • The tea party is as un­pop­u­lar as ever.
  • Fur­loughed work­ers drank a bunch.
What We're Following See More »
Spicer Excludes NYT, CNN, BuzzFeed from Press Gaggle
1 hours ago
WHY WE CARE
SANS PROOF
NRA Chief: Leftist Protesters Are Paid
3 hours ago
UPDATE
EXECUTIVE ORDER
Trump: Agencies Should Recommend Regulations to Repeal
4 hours ago
THE DETAILS
NEW TRAVEL BAN COMING SOON
Trump Still on Campaign Rhetoric
5 hours ago
UPDATE
“WE’RE CHANGING IT”
Trump Rails On Obamacare
6 hours ago
UPDATE

After spending a few minutes re-litigating the Democratic primary, Donald Trump turned his focus to Obamacare. “I inherited a mess, believe me. We also inherited a failed healthcare law that threatens our medical system with absolute and total catastrophe” he said. “I’ve been watching and nobody says it, but Obamacare doesn’t work.” He finished, "so we're going to repeal and replace Obamacare."

×
×

Welcome to National Journal!

You are currently accessing National Journal from IP access. Please login to access this feature. If you have any questions, please contact your Dedicated Advisor.

Login