All political conversations in Washington this summer seem to start and end with the debt limit. For example, “Any news about the debt discussion?” “Same old stalemate. When do you think the Senate will act on Ag Approps?” “Not until a deal is reached on the debt.”
The U.S. government hit the debt ceiling on May 16th, and Treasury Secretary Tim Geithner told Congress he would have to suspend investments in federal retirement funds until August 2nd in order to create room for the government to continue borrowing in the debt markets. No one knows exactly what will happen if the debt ceiling isn’t raised by August 2nd, but the general consensus is that can’t be good. One Senator has compared this summer to the movie “Groundhog Day”. It’s a fitting analogy.
This dilemma challenges House and Senate leadership to prioritize which legislation will be deemed important enough – or sufficiently “completed” – to earn floor time. The issues likely to reach critical mass are dwindling to a precious few.
(Obviously, I ripped the graphic off from NBC. Just in case there was any confusion.)
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