{"id":88,"date":"1987-05-15T18:07:51","date_gmt":"1987-05-16T01:07:51","guid":{"rendered":"http:\/\/gashler.com\/nlc\/?p=88"},"modified":"2014-06-14T10:39:19","modified_gmt":"2014-06-14T17:39:19","slug":"stripped-down-debt-passes","status":"publish","type":"post","link":"https:\/\/gashler.com\/nlc\/?p=88","title":{"rendered":"Senate Blots Out a Red-Ink Worry – Stripped-Down Debt Bill Passes"},"content":{"rendered":"

\"Click<\/a>WASHINGTON (UPI) – The Senate, wresting promises from the White House and untangling\u00a0budget reform measures from a bill\u00a0to raise the debt limit to $2.32 trillion, passed legislation Thursday to allow the government to borrow enough money to avert a federal shutdown.<\/p>\n

White House officials said President Reagan plans to sign the debt bill, which passed the Senate 58-36. The measure was approved by\u00a0the House earlier this week.<\/p>\n

“It’s never a pleasant experience,” said Sen. Lloyd Bentsen, D-Texas, chairman of the Senate Finance Committee, minutes before the latest in\u00a0a series of moves to raise the debt ceiling.<\/p>\n

But he agreed with Sen. Pete Domenici. R-N.M.. that passing the new,\u00a0higher debt limit was the “sensible” thing for the Senate to do, rather than trying to attach to the bill a series of measures to alter the budget process.<\/p>\n

Sen. Phil Gramm.,R-Texas. told reporters Thursday he was abandoning his plans to amend the debt bill to include a measure requiring automatic spending cuts in case Congress misses deficit-reduction targets set in the Gramm-Rudman balanced-budget law.<\/p>\n

Instead, under an agreement negotiated with White House chief of staff Howard Baker, Gramm plans to delay introduction of the budget-cutting measure until the next debt-ceiling bill is ready for debate in July. In return, Reagan will support that plan and proposed reform in the budget process.<\/p>\n

White Home spokesman Marlin Fitzwater said Reagan and Republican leaders “have agreed to work for a meaningful and enforceable budget-reform process and a constitutional fix of the Gramm-Rudman-Hollings Deficit Reduction Act.”<\/p>\n

Reagan must sign the measure by midnight Friday, or the current $2.3 trillion debt ceiling will drop to $2.1 trillion.<\/p>\n

The bill calls for the current debt limit of $2.3 trillion to be raised by $20 billion – enough to allow the government to borrow the money it needs for about two months.<\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON (UPI) – The Senate, wresting promises from the White House and untangling\u00a0budget reform measures from a bill\u00a0to raise the debt limit to $2.32 trillion, passed legislation Thursday to allow the government to borrow enough money to avert a federal shutdown. White House officials said President Reagan plans to sign the debt bill, which passed… Continue reading Senate Blots Out a Red-Ink Worry – Stripped-Down Debt Bill Passes<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[8,9],"tags":[],"_links":{"self":[{"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/posts\/88"}],"collection":[{"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=88"}],"version-history":[{"count":0,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/posts\/88\/revisions"}],"wp:attachment":[{"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=88"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=88"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=88"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}