WASHINGTON (AP) — House Speaker John Boehner says that when Congress raises the nation's borrowing cap he will again insist on spending cuts and budget reforms to offset the increase.

The Ohio Republican took the same stance a year ago during last summer's debt battle. That measure produced a 10-year, $2 trillion-plus package of spending cuts. But with the failure of the so-called deficit supercommittee to reach a deal, automatic spending cuts are set to hit the Pentagon and other Cabinet agencies next year.

Treasury Secretary Tim Geithner says the government will hit its borrowing cap late this year but that Treasury can use accounting maneuvers to buy time for the newly elected Congress to deal with the issue early next year.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.