GOP moves to delay debt-ceiling showdown
WASHINGTON – Seeking to regain their budget footing versus President Barack Obama, Republicans controlling the House are moving quickly to try to defuse a potential debt crisis with legislation to prevent a first-ever U.S. default for at least three months.
The Republicans are giving up for now on trying to extract spending cuts from Democrats in return for an increase in the government’s borrowing cap. But the respite promises to be only temporary, with the stage still set for major battles between the Republicans and Obama over taxes, spending and deficits.
The first step comes today with a House vote on GOP-sponsored legislation that 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.
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