GOP To OK Debt Ceiling Hike
House Republicans announced Friday they will ok a short-term hike on the debt ceiling limit for three months next week, to give Senate Democrats the opportunity to pass a federal budget.
The “short-term debt limit extension” would allow budget problem to be pushed back to mid-March, when another short-term agreement, fixed just last month, comes up.
House Speaker John Boehner and Majority Leader Eric Cantor released separate press statements on the matter, calling on the Democrat-controlled Senate to pass a balanced budget that reduces spending.
If no budget is passed by mid-March, Boehner and Cantor warn, congress will not be paid a salary.
Earlier on Thursday, Wisconsin congressman Paul Ryan told reporters that Republican leadership was considering the move, adding that budget cuts were vital point in solving America’s fiscal woes.
Congressman Ryan also urged President Barack Obama to prioritize payments under the debt limit to ensure there is no default on the country’s obligations.
The White House issued a statement after the announcement, indicating President Obama would be receptive to a clean debt-ceiling hike.