boehner2_john_010113

House Republicans said Friday they would allow a vote next week on a short-term increase in the debt ceiling, a move that could avert a risky stand-off with President Obama — at least for now.

Meeting at a retreat in Virginia, House GOP leaders said they would move on a measure allowing the government to borrow for about three more months. Without an extension, the country is expected to exhaust that authority by mid-February, risking the possibility of a market-rattling default.

While Obama has warned Republicans not to challenge him on the debt ceiling, Republicans still see that issue as key leverage to extract spending cuts from Democrats at a time when the debt is well above $16 trillion.

They made clear Friday that they’d continue to press for deficit reduction, but said the next long-term debt-ceiling vote would be conditioned on Congress debating a bona fide budget.

GET MORE STORIES LIKE THIS

IN YOUR INBOX!

Sign up for our daily email and get the stories everyone is talking about.

Email
Previous post

Algeria hostage situation reportedly comes to violent end, as Clinton calls siege 'act of terror'

Next post

The anti-drone hoodie which can make its wearer invisible to spies in the sky