The Cliff Is Approaching

The week ends with Congress no closer to a strategy of how to avoid the approaching fiscal cliff caused by the need to pass a funding bill by October 1 and take some action on the debt ceiling which poses the threat of a US Government default without action.

Two weeks ago Treasury Secretary Yellen warned Congress that a debt default loomed if the debt ceiling wasn’t addressed sometime in October. Because of the massive cash flows of the US Government the Secretary couldn’t give a specific drop-dead date but it is coming next month.

This week Senate Republican Leader Mitch McConnell talked to Yellen and gave several press interviews where he repeated his position that he and fellow Republicans will not support a change in the debt ceiling; that all the votes must come from Democrats who control both the Executive and Congressional branches of government. McConnell apparently wants to see the Democrats increase or suspend the debt ceiling as part of the Budget Reconciliation Bill; but at this point it doesn’t appear that Reconciliation will be passed by the October default date.

Budget Reconciliation has been moving through House Committees as the House will act first. At this point several moderate Democrats have expressed reservations about the size and scope of the bill. In f...
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