With tacit support from President Barack Obama, House Republicans are moving to try to defuse a potential debt crisis with legislation to prevent an economy-rattling fiscal crisis for at least three months.
The GOP legislation marks a tactical retreat by House Speaker John Boehner, R-Ohio, who is eager to avoid a potential first-ever default on U.S. payment and debt obligations as he wrestles with Obama and his Democratic allies over taxes, spending and the deficit.
(PHOTOS: The Life and Times of John Boehner)
Wednesday’s legislation would give the government enough borrowing leeway to meet three months’ worth of obligations, delaying a showdown next month that Republicans fear they would lose.
It also contains a provision that slaps at the Senate, which hasn’t debated a budget since 2009, by withholding the pay for either House or Senate members if the chamber in which they serve fails to pass a budget plan.
keyboard shortcuts: V vote up article J next comment K previous comment