Breaking News

Senate Leaders Step in After House Fails: A Deal has been Made
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

The high-stakes games that is congressional politics that kept us at the edge of our seats, as we veered closer to the Oct. 17 deadline that could cause the U.S. to default on its debt, throwing the nation, if not the entire world, into an economical tailspin as great or greater than the one we just crawled out of – is finally over. After Democrats rejected the House Republicans last plan, Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) reopened talks that had been stalled to let the House act first; those talks led to some encouraging progress regarding the specific of when deals would be cut, and things looked favorably Monday night; Tuesday morning House Speaker John Boehner (R-Ohio) said the House would resolve the crisis on its own terms; Tuesday was spent, therefore, in the House Republicans scrambling ineffectually for a plan; a resolution at that point needed to come promptly. After Boehner was unable to get his republicans to agree on a plan, the Senate made the deal that sealed the government’s finances.

The talks between Reid and McConnell were apt at setting up reasonable dates for funding the government through January 15, raising the debt ceiling through Feb. 7, and appointing budged conferences for deficit reduction by December 13. It also included minor provisos for the Treasury Department to use extraordinary measures to avoid future default, and would also require income verification for those seeking subsidies under Obamacare. The new plans would not involve any negotiation on managing a reasonable government budget that was not undone by funding Obamacare. In fact, most Republican considerations were not taken into account – and as the decisions have been brought to crisis point by both Republicans and Democrats, emergency mode had been resorted to.

  
What
Where


Nevertheless, after Boehner failed to make an alternative plan, the talk of Reid and McConnell was agreed upon Wednesday, spelling out mostly a victory for Democrats, who gave very few concessions regarding the cost and practice of Obamacare, leaving it virtually unchanged.

“The eyes of the world were on Washington this week,” said Reid. “And while they witnessed a great deal of political discord, today they will also see Congress reach a historic, bipartisan agreement.”

“After yesterday’s events, the majority leader and I began a series of conversations about a way to get the government re-opened and prevent default” said McConnell. “I’m confident we’ll be able to begin to do both things later today.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




And that they did. The game is over, and further, they are changing the rules so that it can’t be played this way again. Furloughed employees will get back pay, and an open conference committee has been instated to hash out their differences for a long-term solution.





 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Investment Funds Attorney

USA-NY-New York City

New York City office of our client is seeking a mid-level attorney with hedge fund, private equity, ...

Apply Now

Intellectual property litigation attorney

USA-CA-San Francisco

San Francisco AmLaw office is seeking an intellectual property litigation attorney with 2-5 years of...

Apply Now

Mid- to Senior level Mergers and Acquisitions Associate Attorney

USA-NY-New York City

New York City AmLaw office is seeking a M&A attorney with 3-6 years of experience. Candidate should ...

Apply Now

RELEVANT JOBS

Personal Injury Attorney Experienced with HIGH VOLUME

USA-IL-Chicago

One of Chicago\'s fastest growing law firms is seeking to hire an experienced Plaintiff Personal Inj...

Apply now

General Legal Counsel (Work-life balance and exciting opportunity working in-house for a tech compan

Canada-AB-Edmonton

Not your everyday legal position. Work-life balanced, yet with variety and challenge: a position you...

Apply now

Tax Associate

USA-NY-New York City

We have an immediate opportunity for a private client tax associate with 5+ years of experience in a...

Apply now

Trust & Estates Associate

USA-NY-New York City

The Position: The focus of this role will be to work directly with high net worth foreign and dom...

Apply now

SEARCH IN ARCHIVE

To Top