The U.S. Senate passed the debt ceiling bill on Aug. 2, and Obama signed it into law.
The debt ceiling bill failed to provide any relief to investors who were hoping for a better long term outlook on the US economy.
The new bill would raise the debt ceiling and permit the Fed to pay interest on reserves immediately.
Both Democrats and Republicans agreed to the sequester in 2011 as part of a bill to raise the US debt ceiling - the legal limit the government can borrow.
The cuts were created in negotiations over a 2011 bill that raised the US debt ceiling, the legal limit that America is allowed to borrow to fund its budget deficit.
What the McConnell bill does is allow for the extension of the debt ceiling into 2013.
Plouffe this morning, and also Dan Pfeiffer tweeting, were talking about the Boehner bill and how it would mean dealing with the debt ceiling over the Christmas holiday season, which is an important time for the economy.
Boehner continued to make some questionable claims when suggesting there was bi-partisan support among the leadership in the Senate for his latest bill that would call for a small increase in the debt ceiling now with the issue to be addressed again in six months.
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"They don't believe it's going to happen, because every time we come up to the debt ceiling or the fiscal cliff or the sequester, the government just passes the next bill, " said Mr. Herman, who is a Casa Grande City Council member.
Thirty-nine of them have vowed not to vote for any increase in the debt ceiling unless it is accompanied by a balanced-budget amendment something that Mr Boehner's bill only offers a vote on.
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