What was once considered unthinkable is now becoming more of a possibility. Although the Senate is reportedly working on a last-minute compromise, the federal government is coming dangerously close to defaulting on its loan obligations, or hitting the “debt ceiling.” As Politico reports, members of the House were close to a deal that would have reopened the federal government – which has been closed since October 1 – until December 15, 2013, and raised the debt ceiling until February 7, 2014. These measures would have bought Congress more time in which to iron out a more comprehensive budget plan. A provision that would have repealed the Affordable Care Act’s controversial excise tax on medical devices was apparently dropped in an effort to garner support. However, it appears as if House Speaker John Boehner (R-OH) has not been able to muster the votes to advance this proposal, leaving both chambers without an approved deal, and with the government closer to default. The proverbial debt ceiling will be hit on Thursday.
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