Forty-three Republican Senators have signed a letter opposing Senate Majority Leader Harry Reid's plan to hike the debt limit.
“We are writing to let you know that we will not vote for your $2.4 trillion debt limit amendment which, if enacted, would result in the single largest debt ceiling increase in the history of the United States,” the letter reads. ” In addition to this unprecedented increase in borrowing authority, your amendment completely fails to address our current fiscal imbalance and lacks any serious effort to ensure that any subsequent spending cuts are enacted.”
The letter means that Reid will not be able to attain the 60 votes required to move forward on his bill when the Senate votes on it around 1 am Sunday morning. The House is expected to reject the bill this afternoon, while last night, the Senate tabled House Speaker John Boehner's plan to hike the debt limit, which had squeaked by the House earlier.
To be clear, the Senate GOP letter applies to an updated version of Reid's plan, which he released last night. Also noteworthy, the four Republican Senators who did not sign the anti-Reid plan letter: Sens. Olympia Snowe and Susan Collins of Maine, Scott Brown of Massachusetts and Lisa Murkowski of Alaska.
Bottom line: Reid, Boehner and Senate Minority Leader Mitch McConnell will have to hash out a plan over the next few days that will be able to pass both chambers of Congress, because neither of the current plans on the table can.