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 [6]:

“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.”