This nominally takes the issue off the table until March 15, 2015. I’d like to be wrong, but I believe what we’re really seeing is the disappearance of the idea of even having a debt ceiling.
The following paragraph from the Associated Press explains it:
The measure does not raise the debt limit by a set amount but would suspend it through March 15, 2015, to allow Treasury to borrow the money it needs to pay bills like Social Security benefits, payments on government debt and checks for federal workers.
So the administration has a blank check. My belief is that they’ll need it, because the economy won’t improve much.
What we’re doing to generations yet unborn, let alone our children and grandchildren, is beyond irresponsible.
UPDATE: If restoring the idea of a debt ceiling isn’t an an issue upon which to build a congressional challenger’s campaign against anyone who supported this (yes, I know the vast majority are Dems in likely safe districts), I don’t know what is.