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The debt ceiling would be raised immediately but not by enough to get the government through next year. To get the second debt ceiling increase, House Republicans want a balanced budget constitutional amendment to pass both chambers first and be referred to the states.
Never going to happen, but that's where we are. It makes you wonder if there's any compromise plan that can get through this House. That's why, even though my gut says there's no way the U.S. is stupid enough to default, I still can't see a clear, viable way out of this.