- The Debt Ceiling: The Next Big Battle
- October 7, 2013
- Law Firm: McDonald Hopkins LLC - Cleveland Office
Even as there is no end in sight to the government shutdown, many are already turning their attention to the next big partisan battle: the debt ceiling.
While the government shutdown has certainly caused pain - especially to hundreds of thousands of furloughed workers - the prospects of America defaulting on its debt, which could occur if no deal is reached on raising the debt ceiling - could be crippling to the American economy.
Late this week, Speaker of the House John Boehner (R-OH) told his caucus he would not allow the U.S. to default on its obligations. This is a strong indication that Boehner would be willing to waive the so-called "Hastert rule," which requires a majority of Republicans to support legislation before it moves to the floor, to prevent defaulting on the debt.