That Pesky Debt Ceiling
Little noticed in the coverage thus far is a clause/idea that likely eliminates the "debt ceiling" going forward.
Buried in the language of last night's bill was, in fact, the change giving Milhous (and likely every future prez) the ability to VETO any bill NOT authorizing a debt ceiling increase. This VETO would kick the measure back to Congress and, if Congress fails to muster the 2/3 majority to override said VETO, the debt ceiling gets raised to wherever the current president wants it. Pretty slick, huh? IF THIS PROVISION IS INCLUDED IN ALL OTHER FUTURE AGREEMENTS (and why wouldn't it be now that it has happened once?), you can say goodbye once and for all to that whole, pesky debt ceiling stuff. Print and spend ad infinitum.
The language for this can be found in this news link: http://www.politico.com/story/2013/10/government-shutdown-debt-ceiling-default-update-98390.html as well as this piece of analysis discovered earlier by Turdite "tread_w_care":
Nails in the coffin, boys and girls.
Reason Mag links through to the .pdf of the bill here: http://reason.com/blog/2013/10/16/house-passes-spending-bill-partial-gover
My read on this is they did give Obama the authority to suspend the debt ceiling, period. Pres. can send over a 'certification' to Congress suspending the debt ceiling, and the CONgress has 14 days to respond, either overturning it on vote (majority required is not clear), or . . . not.
The subsection is entitled "Default Prevention Act of 2013" - http://docs.house.gov/billsthisweek/20131014/BILLS-113hr2775-SAmdt-SCND.pdf
(Perhaps our Attorney General, CaL, might be able to review this over the weekend. I'd love to get his opinion.)
Anyway, now that this language has been inserted into the current "compromise", it is highly likely that it will be inserted into every future "compromise". Say goodbye to "The Debt Ceiling", say hello once and for all to Debt/Deficit/QE to Infinity.