House Republican lawmakers are strategizing how to get a debt deal done in short order and avoid any potential loss in the U.S. credit rating, saying Friday they will vote on legislation next Wednesday to “cap, cut and balance” the budget.

The legislation — an extension of a pledge introduced by Sen. Mike Lee, R-Utah, and signed by dozens of GOP lawmakers this week — aims to reduce federal spending, impose spending caps over the next decade and require the eventual passage of a balanced-budget amendment to raise the debt ceiling.

The “cap, cut and balance” provision would include a debt ceiling increase, though the size of the package and period of time it would cover is still being debated.

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