Capitol Hill Update
House lawmakers will convene for legislative business today eyeing action on a short-term debt limit increase. Late last week, the Senate passed a short-term debt ceiling increase that would provide lawmakers with more time to strike a broader agreement. With less than a week left until the October 18 “X date,” Senate leadership brokered a bipartisan agreement that would hike the debt limit by $480 billion, thus punting the debt limit to December 3 and giving the Treasury Department more wiggle room to avert a default. Despite this brief flash of bipartisan cooperation, the two sides still remain far apart on a long-term solution on the debt ceiling. While the House will also be in for a series of Committee Work Days this week, the Senate has adjourned for a state work period and will resume voting on Monday, October 18.