Extending the Debt Ceiling.
New reports this afternoon are that House Republicans have agreed to vote next week on extending the debt ceiling for about three months, giving time for passage of a budget. The agreement would not require immediate spending cuts, a retreat from the previous GOP position. Democrats so far have responded cautiously to the plan for a short-term increase.
According to the Washington Post:
“House Republicans will scale back their ambitions in an upcoming fight over the nation’s borrowing limit, saying Friday that they will try to pass a bill next week to raise the debt ceiling for three months. But they indicated that the Senate must pass a budget before the lawmakers would agree to a longer-term increase in the limit.
“Under a bill to be considered next week, members will propose raising the debt ceiling through mid-April -- long enough, they say, to give both chambers time to pass a budget. Under the measure, if either chamber fails to adopt a budget by April 15, Congress would not be paid.”