Eric Cantor is promising another brutal debt ceiling battle to force hundreds of billions more in austerity cuts and hurt our credit rating.
On the debt ceiling, Cantor said the House will consider the Full Faith and Credit Act, H.R. 807. This bill, from Rep. Tom McClintock (R-Calif.), would require the government to prioritize interest payments on government debt if the debt ceiling is hit. "I expect the House to consider legislation in this area in the near future," he wrote.
The government has the potential to bump up against the ceiling in May. Earlier this year, Congress passed the No Budget, No Pay Act, which suspended the debt ceiling limit through May 18.
On May 19, the debt ceiling will be equal to the level of debt accumulated by that date, which means Congress will be under pressure to act before then to increase the ceiling again.
But House Republicans have already said they would be looking for a deal to cut a dollar of spending for every dollar increase in the debt ceiling. That sets up a fight with Democrats, who will likely push for a clean extension that does not require spending cuts.