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Current Event Cat of the Day: Debt Ceiling Deadline

Current EVent Cat - Debt Deadline

It’s T-12 hours until the world implodes and it’s all in the capable hands of the Senate now. Majority Leader Harry Reid and Minority Leader Mitch McConnell are “apparently” close to finalizing a deal to reopen the government and avoid debt default ahead of the midnight Thursday deadline.

The U.S. Senate leaders are “optimistic” about scrounging together a bipartisan deal after negotiations failed to produce anything concrete on Tuesday night. But today is a new day and they will reconvene at noon to try again. There’s no pressure anyways – except from the calendar deadline, financial markets and public opinion polls.

Once the Senate a deal in place, the House will still need to vote on it and send it off for Obamapproval. While it’s not 100% finalized yet, their plan reportedly would extend the federal borrowing limit until February 7 and fund the government to mid-January, and would include relatively minor changes to Obama’s signature healthcare law, affectionately/angrily known as Obamacare.

The House itself, led by Speaker John Boehner, was unable to produce a bill of its own that would pass. But John Boehner still has one important task: he must muster up enough votes in the Republican-led House to pass the Senate bill before he midnight deadline. A daunting task given recent Tea Party antics…

Meanwhile, the Fitch credit rating agency is just itching to push the downgrade button on the U.S.’s AAA rating. And once that happens, the U.S government will… sue them for fraud? Implode? Cause the markets to crash? All three?

Via: CNN

Update: The Senate has reached a cross-party deal! Next stop: the House. Last Stop: Obama’s desk.

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