WASHINGTON (AP) — Republicans controlling the House are moving quickly to try to defuse a potential debt crisis. They're offering legislation to prevent a first-ever default on U.S. obligations for three months or more.
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. The respite promises to be only temporary, with the stage still set for major battles between the GOP and President Barack Obama.
The first step comes with a House vote on legislation that will give the government enough borrowing leeway to meet three months' worth of obligations. That will delay a showdown that Republicans fear they would lose.
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
Already have an account? Sign In Now
© 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.
