Posted on October 17, 2013 by Scott Johnson in Debt-ceiling, Shutdown showdown
How bad is this?
Section 1002 of the Senate bill that was enacted last night is entitled the Debt Default Prevention Act of 2013. The text of the Senate bill is posted here; section 1002 begins on page 24.
Section 1002 is one of those incomprehensibly formulated provisions full of cross-rerences. It is not exactly straightforward. Moreover, the legislative summary of the Senate bill — posted here — does not include a summary of section 1002.
Politico refers to the provision in this broad-gauge description: “The legislation…includes a McConnell-written proposal that would allow Congress to disapprove of the debt-ceiling increase. Lawmakers will formally vote on rejecting the bump of the borrowing limit – if it passed, it could be vetoed by Obama.”