Late last night, after many delays, House Speaker John Boehner (R-Ohio) finally decided to postpone the vote on his proposal to raise the debt limit and cut the deficit at least until today. He is expected to regroup with House Republicans this morning, in the hope that he can overcome the resistance in his own party to the Budget Control Act of 2011.
“The Senate, meanwhile, is continuing to wait for the House to act before it takes up any legislation to lift the debt ceiling. Senate Majority Leader Harry Reid (D-Nev.) said he will hold a vote to table, or discard, the House bill immediately after — and if — the House passes the bill,” read an article for C-SPAN.org.
However, it is likely that Boehner’s bill could become a vehicle for compromise, as Reid’s own bill is just as unlikely to pass in the Republican-controlled House. The longstanding impasse seems to be grating on the nerves of even the highest-ranking members of Congress.
“Republicans have taken us to the brink of economic chaos,” House Minority Leader Nancy Pelosi (D-Calif.) said, according to an article for Reuters. “The delay must end now so we can focus on the American people’s top priority: creating jobs and growing the economy.”
Some members have even given up all hope of a deal being reached before the Aug. 2 deadline.
“I felt for some time that a default was likely,” Representative Barney Frank (D-Mass.), the ranking Democrat on the House Financial Services Committee, told POLITICO. “Now, it’s more likely than not.”