It looks like this will pass. See https://www.congress.gov/bill/119th-congress/house-concurrent-resolution/14
If this passes, that would be awesome. It would set the debt held by the public to $48.6 trillion on 9/30/2034. I previously projected it would be $56.2 trillion on the same date.
Note that every Democratic Senator voted against this, along with Sen Susan Collins and Sen Rand Paul of Kentucky. I think Collins voted against it because it didn't raise the debt ceiling enough and Paul voted against it because it raised the debt ceiling too much.
Update (4/7/25): The Senate made changes and sent it back to the House. I just glanced at it, but it looks like the Senate lowered the numbers. Like in 2034, Debt Held By the Public would be $43,515,483,000,000 which is about $5 trillion less than the House plan.
Update (4/10/25): The news is reporting that this passed with a compromise bill. I don't see the numbers on the version that passed but I will probably do a new post with the numbers when I see it, because I am really interested in this. It is reportedly the Senate version less another $1.5 trillion in cuts.
Update (4/28/25): Here is the text of the compromise bill. https://www.congress.gov/bill/119th-congress/house-concurrent-resolution/14/text The numbers are about $5 trillion less than the above number in 2034. But upon further reflection I think the whole thing is a joke. It doesn't have the force of law. And it will be blown out even this fiscal year which will be over in 5 months. For FY 2025, it wants Debt Held by the Public to be $29.3 trillion and Public Debt to be $36.5 trillion. The numbers as of today are $28.9 trillion and $36.2 trillion so we are already within $300 to $400 billion of the proposed limit. And as soon as the debt ceiling is raised, probably in July or August, the debt will almost immediately go up by $1 trillion to refill the Treasury General Account and to end the extraordinary measures.. So the resolution was just a waste of time and effort.
No comments:
Post a Comment