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The ERA by its terms says it has to be ratified within a certain time - and they missed that time frame.
On the other hand, Congress did extend the original deadline contained in the bill that sent the amendment to the states. They could pass a bill extending the deadline again, or removing it altogether. (Although that's probably not going to happen any time soon, given current political realities. But it is a thought for our grandchildren to consider should the political climate become more amenable to such things in the future.)
And we do have precedent for amendments taking a long time to be ratified by the states. The most recent amendment - #27 - was written by James Madison. Yes, that James Madison. The first Congress passed it in 1789, and it was finally ratified by a sufficient number of states in 1992. So there does not have to be a deadline for passing amendments.
--Peter
