Balanced budget amendment passage not required for second debt-limit hike
By Pete Kasperowicz - 07/31/11 09:28 PM ET
A compromise debt ceiling agreement brokered by the White House and congressional Republicans would not require congressional passage of a balanced budget amendment to the Constitution as a condition for a second-round increase in the debt ceiling.
The deal does require the House and Senate to vote on a balanced budget amendment sometime in the last calendar quarter of this year. But not requiring congressional passage is a significant change from the proposal the House passed on Friday.
The House-passed bill would have increased the debt ceiling by $900 billion immediately, and allowed a second $1.6 trillion increase only if a greater amount of cuts were found by a new congressional committee, and if the House and Senate had passed a balanced budget amendment.
In the compromise agreement, the second-round debt ceiling increase is slightly lower -- $1.5 trillion -- but it is not conditioned on passage of a balanced budget amendment.
Balanced budget amendment passage not required for second debt-limit hike - The Hill's Floor Action