Lawmakers in both houses of Congress are moving quickly to vote on the latest debt-limit deal — a plan agreed to Sunday night by President Obama and congressional leaders. Republicans and Democrats negotiating the agreement hailed it last night, but conservatives are less than impressed by the plan. Sen. Mike Lee (R-UT), our guest on this weekend’s Scribecast, has even threatened a filibuster.
The deal hikes the debt ceiling by $2 trillion while cutting spending at an insufficient level. The plan also features a so-called “super committee” that has the authority to increase taxes and cut defense spending. Heritage Action CEO Mike Needham summed it up this way: “This deal highlights how dysfunctional Washington has become and we will continue to oppose it as insufficient to the task at hand.”
Stay tuned for more information from Heritage throughout the day. The Foundry will carry news and analysis about the agreement, the full text of which is now available from the House Rules Committee.