–House Debt Disapproval Vote Is Expected Late Wednesday Afternoon
–House To Hold Two-Hour Debate Before Symbolic Vote

By John Shaw

WASHINGTON (MNI) – The House will vote late Wednesday afternoon on
a mostly symbolic resolution to disapprove of the final installment of
last year’s debt hike agreement.

The House vote is expected to occur before 5 p.m. and will follow a
two-hour debate on the matter.

The House vote follows President Obama’s recent letter seeking the
final $1.2 trillion tranche of the debt ceiling increase that was
negotiated last August.

Under the August debt hike agreement, once Obama formally made this
request Congress had 15 days to vote on a motion to disapprove the debt
ceiling increase.

The House is almost certain to vote to disapprove of the debt
ceiling increase late this afternoon. The House passed a disapproval
motion last fall.

The Senate returns to action Jan. 24 and is certain to vote on the
disapproval resolution next week. However, it is very unlikely that the
Democratic-controlled Senate will pass the disapproval motion.

Even if it did, Obama could veto the resolution. Overriding a
presidential veto would require two-thirds majorities in both the House
and Senate — a virtually inconceivable scenario.

House Minority Whip Steny Hoyer said Tuesday that the House vote
on the disapproval motion is a “charade” and a political stunt.

Obama’s formal request and the congressional votes will have the
effect of increasing the current $15.2 trillion debt ceiling to $16.4
trillion, an adjustment that would probably delay any future debt
ceiling hikes until after the November election.

The August, 2011 debt ceiling agreement triggered a $400 billion
increase in the debt ceiling which had been $14.3 trillion. Treasury
sought an additional $500 billion increase in September. The House voted
to disapprove the request, but the Senate rejected the disapproval
motion so it went forward.

** Market News International Washington Bureau: (202) 371-2121 **

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