US House Republicans back 3-month debt limit rise
Published on Jan 19, 2013 10:16 AM
WASHINGTON (AFP) - Republicans proposed a three-month increase to the US debt ceiling as they mulled breaking a protracted fiscal impasse, but warned any long-term deal would require Congress to pass a budget that cuts spending.
The Republican-led House of Representatives will hold a vote next week on the temporary measure, Majority Leader Eric Cantor announced at the end of his party's two-day work retreat outside Washington on Friday.
The move could help defuse a fiscal time bomb that Congress and the White House face in late February and early March with the nation hitting its debt ceiling, looming automatic federal spending cuts and debate over the budget.
The three-month extension of US borrowing authority would buy time for the Senate to pass a non-binding budget, Mr Cantor said.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here