Daily Tax Update - February 11, 2014: House Expected To Pass Debt Ceiling Bill Tonight

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS ON FEBRUARY 25TH

HOUSE EXPECTED TO PASS DEBT CEILING BILL TONIGHT:  The House is voting later today on a bill that extends the nation's borrowing authority through March 15, 2015. The bill would allow the Treasury Department to issue new debt above the current $17.2 trillion limit.  House Speaker John Boehner floated a proposal yesterday to link the debt ceiling increase to legislation that would have reversed a cut to veteran retirement benefits, but there was not enough support to pass it. Instead, the House will consider a “clean” bill without any extraneous provisions.  House Speaker John Boehner said, “You all know that our members are not crazy about voting to increase the debt ceiling. And so the fact is we’ll let the Democrats put the votes up. We’ll put a minimum number of votes up to get it passed.”

Senate passage is expected tomorrow. Sen. Charles Schumer said, “The House has come to the realization that following the hard right on the debt ceiling made no sense, which is good for the House, good for the Republican Party and good for America.”