Rand Paul eyes debt-ceiling fight in Audit the Fed push

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Sen. Rand PaulRandal (Rand) Howard PaulThe Hill's 12:30 Report: Trump escalates fight with NY Times The 10 GOP senators who may break with Trump on emergency On unilateral executive action, Mitch McConnell was right — in 2014 MORE (R-Ky.) is mulling attaching his Audit the Fed legislation to a vote to raise the debt ceiling, Paul spokesman Brian Darling told The Hill.

Darling said that Paul, who is considering a 2016 presidential campaign, fully expects to get a vote on the measure in the Senate this year and that "there are numerous options to get a bill passed by itself or combined with other legislation."

"The strategy going forward will be to use regular order," Darling told The Hill. "If regular order does not work, Audit the Fed would be a great amendment to a debt-limit increase or any other piece of must pass legislation that hits the Senate floor."
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The move is a clear signal of how serious Paul is about getting a vote on the legislation that has garnered political blowback from top Fed officials. The proposal allows for increased congressional oversight at the central bank.

Fed Chairwoman Janet Yellen and other top Fed officials have maintained for years that the bill would undermine the central bank's independence and politicize its actions.

The Treasury Department will reach its borrowing limit — or hit the "debt ceiling” — around March 15. Most experts predict that Treasury Secretary Jack LewJacob (Jack) Joseph LewOvernight Finance: US reaches deal with ZTE | Lawmakers look to block it | Trump blasts Macron, Trudeau ahead of G-7 | Mexico files WTO complaint Obama-era Treasury secretary: Tax law will make bipartisan deficit-reduction talks harder GOP Senate report says Obama officials gave Iran access to US financial system MORE will be able to use a series of "extraordinary measures" to keep financing the government until summer or early fall.

Rep. Thomas Massie (R-Ky.) has introduced Audit the Fed legislation in the House, where it is expected to easily pass.

It's unclear whether the measure would be able to survive in the new-GOP controlled Senate, as Paul would need to pick up Democratic support to overcome a filibuster.

Sens. Elizabeth WarrenElizabeth Ann WarrenKamala Harris: Trump administration ‘targeting’ California for political purposes Harry Reid says he won’t make 2020 endorsement until after Nevada caucus Gillibrand to appear on Fox News Monday night MORE (D-Mass.) and Sherrod BrownSherrod Campbell BrownHarry Reid says he won’t make 2020 endorsement until after Nevada caucus Overnight Energy: Trump ends talks with California on car emissions | Dems face tough vote on Green New Deal | Climate PAC backing Inslee in possible 2020 run Dems face tough vote on Green New Deal MORE (D-Ohio) — each viewed as top progressives on the Senate Banking Committee, which has jurisdiction on the bill — have come out against the bill.

Paul's bill has 31 co-sponsors, with just one Democrat: Sen. Mazie HironoMazie Keiko HironoFemale Dems see double standard in Klobuchar accusations Trump tweets video mocking Dems not cheering during State of the Union New battle lines in war over Trump’s judicial picks MORE (Hawaii).

Senate Banking Committee Chairman Richard Shelby (R-Ala.) has said that he will have a hearing on Audit the Fed.

Paul held a rally on the issue in Des Moines, Iowa, earlier this month and he has fundraised on it, too. Paul's father, former Rep. Ron Paul (R-Texas), was an early supporter of the legislation.