Chaka Fattah, you’re my hero. The Philly Congressman is kicking off the new year by proposing a lovely-sounding bill called the “Ending Fiscal Cliffs Act of 2013.” Seems like something we can all get behind, right?
The legislation streamlines the process of raising the debt ceiling – which Congress could face within two months—to avoid paralyzing political maneuvers.
Under the current system, Congress authorizes Federal spending, then must grant redundant approval to borrow sufficient funds to cover the spending it has already approved. Fattah’s bill restructures the process to make it more efficient. It allows the Administration to raise the debt ceiling, as necessary, in order to avoid default whenever Congress spends money or reduces revenues.
Eh, not really. If the White House could raise the debt ceiling automatically, House Republicans couldn’t threaten not to raise it themselves, which would eliminate a good deal of their political leverage. And glee in repeatedly bringing the country to the brink of economic ruin. Which is why Mr. Fattah’s proposal will likely go nowhere. But thank you for trying, and if nothing else, “Ending Fiscal Cliffs” makes for a great campaign slogan. [Patch]