This afternoon the House will be voting on the Budget Control Act, the latest legislation offered by the House Republican leadership to resolve the debt ceiling crisis. As detailed previously on this blog, the bill would authorize about $2.5 trillion in increases to the debt ceiling in two separate increments. It would be offset by about $1 trillion in cuts to discretionary spending over the next decade, plus about $1.8 in additional savings that a special legislative committee would be tasked with finding from entitlements, mandatory spending programs, and potentially further discretionary cuts.
Today’s vote in the House is expected to be very close. Regardless of the outcome of the House vote, the bill is essentially dead in the Senate. Yesterday, 53 senators sent a letter to Speaker Boehner vowing to oppose the House’s Budget Control Act if it were to reach the Senate. White House staff have also indicated that President Obama would veto the bill if it were to reach his desk. Still, today’s vote in the House will be important in terms of determining the amount of leverage that the House has in ending the current stalemate.