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Pelosi backs debt ceiling proposal that would allow Treasury to raise limit
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House Speaker Nancy Pelosi indicated Tuesday that she would support a proposal that would eliminate the need for Congress to hold regular votes to raise the debt ceiling.
Under the proposal introduced by House Budget Committee Chairman John Yarmuth, D-Ky., and Rep. Brendan Boyle, D-Pa., the Treasury Secretary would have authority to raise the debt ceiling at their discretion, while Congressional lawmakers would vote only if they wished to overrule a hike.
"That decision could be overruled by the Congress," Pelosi told reporters. "It would take 60 votes under the present custom, but nonetheless, Congress would have to overrule that. That seems to have some appeal to both sides of the aisle because of the consequences to people of not lifting it."
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When asked if she personally supported the plan, Pelosi said she felt it "has merit."