As a Nov. 3 deadline to raise the debt ceiling looms, the House is set to vote on a bill this week that critics have labeled a cop out on Congress’ duty to raise the debt limit and avoid defaulting on the national debt.
The bill -- dubbed the “Default Prevention Act” -- would direct the Treasury Department, in the event of a debt ceiling breach, to continue to borrow in order to keep paying Social Security, as well the principal and interest on public debt. But the government would not be able to borrow for any of its other functions until the debt ceiling was raised.
The bill is moving forward even though Speaker John Boehner (R-OH) is reportedly signaling privately that he will advance a clean debt ceiling hike with the help of Democratic votes before he leaves office, thereby avoiding a debt default.
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