February 11, 2014

House GOP Prepared to Vote on Clean Debt Ceiling Raise

Republicans drop debt limit hike tied to military pensions; borrowing limit to be extended until March 15, 2015

More On Legal & Compliance

from The Advisor's Professional Library
  • Disaster Recovery Plans and Succession Planning RIAs owe a fiduciary duty to clients to prepare for disasters and other contingencies. If an RIA does not have a disaster recovery plan, clients’ financial well-being may be jeopardized.  RIAs should also engage in succession planning, ensuring a smooth transaction if an owner or principal leaves.   
  • Books and Records Rule Thorough and complete books and records enable RIAs to demonstrate that they have fulfilled their fiduciary obligations to clients and complied with applicable rules and regulations.

After abandoning late Monday their plan to lift the debt limit and restore military pension cuts, House GOP members are now prepared to vote on a “clean” debt ceiling increase Wednesday, with the borrowing limit to be extended until March 15, 2015.

Washington Analysis commentators questioned Tuesday whether Republicans “can provide enough votes to get the measure across the finish line. We believe the answer is yes.”

House Minority Leader Steny Hoyer, D-Md., has stated that there will be at least 180 Democrats who will vote in favor of a clean debt limit extension, the analysts state. “That means that House Republicans will need to find 37 votes for the measure (it could be fewer if GOP members vote ‘present,’ thereby bringing down the number of votes necessary for a majority).”

Should a debt limit bill pass the House, Washington Analysis says that it “fully expects the Senate to follow suit with little difficulty,” either this week or the week of Feb. 24, when lawmakers return from their Presidents’ Day recess.

The House GOP leadership Monday night had planned on bringing a measure to the floor that would have raised the debt limit through March 15, 2015, “and mostly eliminated a cut in the military retirement COLA, but we never thought they would be able to get a majority for that bill, and as it turns out, they didn’t either,” Washington Analysis said.

Reprints Discuss this story
This is where the comments go.