The Debt Ceiling Debate: A Major Implication Ignored

Law360, New York (July 27, 2011, 12:51 PM EDT) -- Congressional leaders have postponed a vote that had been expected Wednesday, July 27, on the latest House Republican proposal to address the debt ceiling crisis and avert a government default on Aug. 2. Despite competing speeches by President Barack Obama and House Speaker John Boehner that aired nationally earlier this week, there has been little movement on a deal.

In fact, even as Senate Republican Leader Mitch McConnell, R-K y., called for renewed negotiations with Obama and indicated his party must be willing to offer some...
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