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Debt Ceiling Exit Strategy

The week started with no clear strategy to raise the debt ceiling which Treasury Secretary Yellen had estimated would be reached on or around December 15. However, Senators McConnell and Schumer, working with Speaker Pelosi, unveiled a rather complex scheme to raise the ceiling where Republicans permitted a vote to increase the ceiling but one that would pass with only Democratic votes.

Under regular order a bill to increase the debt ceiling, like any other bill except Budget Reconciliation, is s...

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