|It's a done deal , but it's just a quick fix|
to a problem .
NOTES AND COMMENTS:
***To keep spending, the government needs Congress to pass a spending law. Republicans have already blocked this, resulting in a partial government shutdown. Now they are threatening the separate and much more disruptive step of refusing to raise the federal debt ceiling, currently set at $16.7 trillion. Spending exceeds revenue, so without permission to borrow more, the government can’t pay its bills even if a law to allow spending goes through. If the debt ceiling stays in place, the Treasury will run short of cash soon after Oct. 17. At that point:
Senator John McCain, whose fellow Republicans triggered the crisis with demands that President Barack Obama's signature "Obamacare" healthcare law be defunded, said on Wednesday the deal marked the "end of an agonizing odyssey" for Americans. "It is one of the most shameful chapters I have seen in the years I've spent in the Senate," said McCain,