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House GOP May Seek Short-Term Debt Limit Extension

Jan. 17, 2013 9:00pm
House GOP May Seek Short Term Debt Limit Extension

House Budget Committee Chairman Rep. Paul Ryan, R-Wis. leaves a Republican caucus on Capitol Hill in Washington, Tuesday, Jan. 1, 2013. Squarely in the spotlight, House Republicans leaders shopped a Senate-approved “fiscal cliff” compromise to rank-and-file colleagues on New Year’s Day and heard concerns that the accord lacked sufficient spending cuts. Vice President Joe Biden tried rallying House Democrats behind the deal in a separate meeting. Credit: AP

WILLIAMSBURG, Va. (AP) — House Republicans may seek a quick, short-term extension of the government’s debt limit, a move that would avoid an immediate default by the Treasury as the party seeks to maximize leverage in negotiations over spending cuts with President Barack Obama this spring, officials said Thursday.

“All options are on the table as far as we’re concerned,” Rep. Paul Ryan of Wisconsin said at a news conference during a three-day retreat of the rank and file. He said private discussions focused on how best to “achieve progress on controlling our deficits and controlling our debt.”

Ryan declined to say how long an extension of the government’s borrowing authority is under consideration, or what conditions might be attached. Obama has said repeatedly that he favors additional deficit savings yet he will not negotiate spending cuts as part of an agreement to raise the current $16.4 trillion debt limit. Some Republicans have suggested they may seek unspecified reforms rather than reductions, perhaps trying to force the Democratic-controlled Senate to approve a budget.

The debt limit is one of three deadlines that Congress and the administration will confront this spring. Across-the-board spending cuts begin in early March, and the government runs out of funding for many agencies and services on March 27. By contrast, there is no fixed date for raising the debt limit, since the Treasury has not yet notified Congress when it will exhaust all other measures to stay current with its bills.

Republicans gathered for their retreat at a secluded golf resort a two-hour-plus drive from the Capitol after an awkward beginning to the new Congress.

House GOP May Seek Short Term Debt Limit Extension

Credit: Getty Images

On Jan. 3, Rep. John Boehner of Ohio drew dissenting votes from nine fellow Republicans in winning a new term as speaker, while one voted present and two abstained. Two days earlier, he had infuriated Republicans as well as Democrats from New York and New Jersey by postponing a vote on emergency relief aid for victims of Superstorm Sandy.

Last Friday, the party’s rank and file overwhelmingly opposed the aid bill when it came to a vote, unhappy that it did not provide for cuts elsewhere in the budget and as a result added to deficits. The $50 billion measure cleared on the strength of Democratic support, a highly unusual event given that Republicans control the House.

At his news conference Thursday, Ryan sidestepped when asked which would inflict the most harm on the economy – implementation of across-the-board cuts, a partial government shutdown or a default.

“The worst thing for the economy is for this Congress and this administration to do nothing to get our debt and deficits under control,” said the party’s 2012 vice presidential candidate, back in Congress now as House Budget Committee chairman. “We think the worst thing for the economy is to move past these events that are occurring without any progress.”

Passage of a shorter-term increase in the debt limit would essentially shuffle the order of the looming deadlines. Rather than flirt with a first-ever default to get their way on spending cuts – a strategy unlikely to win favor on Wall Street – Republicans might threaten a partial government shutdown or allow across-the-board cuts to remain in effect.

Neither is without potential political fallout.

In particular, Republicans paid a heavy political price for a pair of government shutdowns in the 1990s. Yet the economic impact of a brief interruption in some federal services appears far less daunting than the risk of an unprecedented default that could destabilize financial markets at a time the economy is remains short of full strength after the worst recession in decades.

One Republican, Rep. John Fleming of Louisiana, told reporters there had been several proposals in the private discussions to advance the Republican goal of cutting spending while renewing the government’s borrowing authority.

Among them is a requirement for approval of a balanced-budget amendment to the Constitution, a condition the Democratic-controlled Senate would almost certainly reject, or perhaps a watered-down requirement for a mere vote on an amendment.

 

Featured image via AP

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Comments (60)

1 2
  • haras42000
    Posted on January 18, 2013 at 7:04am

    i wish congress would grow some balls and do the job they were sent there to do. what a laughing stock they make of our government. oh wait they need to wait for another holiday so they can pretend they are helping us. lset help them all out of office and put in fresh new faces. the ones there have poop on their face from kissing ass too long.

    Report this comment

    haras42000  
  • GuruMeditation
    Posted on January 18, 2013 at 7:03am

    I have a better idea… why don’t you explore impeachment articles and de-fund the white house.

    Report this comment

    GuruMeditation  
  • Hiker22
    Posted on January 18, 2013 at 6:46am

    Stupid. Why even have a Republican Party anymore.

    Report this comment

    Hiker22  
    • SPOT_OF_TEA
      Posted on January 18, 2013 at 7:50am

      They need a Republican Party for the same reason the Harlem Globetrotters needed the Washington Generals……If you know what I mean.

      Report this comment

      SPOT_OF_TEA  
    • G-WHIZ
      Posted on January 18, 2013 at 11:37am

      Both Have a Majority of PROGS and FabianSocioallists…annother FOURYEARS of NOBUDGET!!

      Report this comment

      G-WHIZ  
  • Stab_friendly
    Posted on January 18, 2013 at 5:03am

    $16 Trillion in debt. $9 Trillion of which was created by REPUBLICANS.

    Debt increase by percentages:
    Reagan…. 189%
    HW Bush…59%
    W Bush… 89%
    Clinton… 31%
    Obama… 43%

    Take a wild guess who expanded government more than any other president. YEP, that would be W Bush.

    Report this comment

    Stab_friendly  
    • 101stIraqVet
      Posted on January 18, 2013 at 6:34am

      Why don’t you put, in trillions of dollars, next to the percentages, how much each president has added to the debt.

      When you decline, I want to know why.

      Report this comment

      101stIraqVet  
    • Xyskalla
      Posted on January 18, 2013 at 10:19am

      They’re both guilty. Both parties are rancid. The Dems more so, but parties are.

      The Republicans don’t really ever plan to draw the line and just say “no”. If not now, when? Why should I ever vote Republican again if they’re just going to keep piling on the debt? I think they’ve finally convinced me to “throw my vote away” to the Libertarians. I certainly don’t want the Republicans or Democrats to get my vote.

      Report this comment

      Xyskalla  
    • kaydeebeau
      Posted on January 18, 2013 at 10:50am

      Are you suggesting that since a Repub did it we are supposed to be magically ok with financial raping and pillaging by the government? Is this supposed to make it ok “because everybody is doing it?

      id10t

      Report this comment

      kaydeebeau  
    • Dismayed Veteran
      Posted on January 18, 2013 at 4:49pm

      None of the Republicans have any sand. How can they draw a line in it?

      Report this comment

      Dismayed Veteran  
  • environmentalandawake
    Posted on January 17, 2013 at 10:46pm

    Got an idea; let’s make this another emergency legislative act, only this time not let them negotiate until after the 12:00 o’clock hour. Where do we get the money to run the government you may ask? Simple, we clean out all of their bank accounts (including offshores of course) and give them an IOU. Upon completing their task, We the People can decide the fate of their money

    Report this comment

    environmentalandawake  
    • Daithi
      Posted on January 17, 2013 at 11:29pm

      Here’s an even better idea. Go ahead and raise the debt limit without a fight, but include a provision that says, “No future increases to the debit limit can occur if Congress has not first passed a budget.”

      Report this comment

      Daithi  
    • Quagmir
      Posted on January 18, 2013 at 1:44am

      an even better idea, just do the second part.

      Report this comment

      Quagmir  
    • Witness1974
      Posted on January 18, 2013 at 2:47am

      I wouldn’t vote to raise the debt ceiling. Congress is a collection of cowardly enablers. It’s time to start cutting and eliminating government departments. It’s way past due.

      Report this comment

      Witness1974  
  • lel2007
    Posted on January 17, 2013 at 10:44pm

    Like they did last time around? Kick the can down the road a little at a time, way to go GOP House.

    Report this comment

    lel2007  
    • aproudinfidel
      Posted on January 18, 2013 at 12:09am

      GOP is laying down, **** up giving in to Obama’s plan for the destruction of the greatest nation the world has ever known. We are on the road to ruin and the GOP is saying we’re OK with it…

      Report this comment

      aproudinfidel  
  • Advection
    Posted on January 17, 2013 at 10:35pm

    Then end is in sight for the Dollar.

    Report this comment

    Advection  
  • Boose
    Posted on January 17, 2013 at 10:28pm

    Want to help the US succeed in a fun easy to play browser game with a thriving community?
    http://www.erepublik.com/en/referrer/Bucephalus92

    Report this comment

    Boose  
  • revelation2012
    Posted on January 17, 2013 at 10:24pm

    ,,,,,,,,,,,,,,You must understand that our nation today is ruled not by democrats or republicans, but by the party of royalty with a European mindset and a Globalist agenda. The morphing from a two-party system into one of elite royalty did not happen overnight, but incrementally and under the proverbial radar of a deliberately distracted public.

    http://www.canadafreepress.com/index.php/article/52426

    Report this comment

    revelation2012  
  • pghpatriot
    Posted on January 17, 2013 at 10:14pm

    (my response sent to Preibus (RNC) and Paul Ryan)

    Mr. Preibus,

    This is nothing but pure unadulterated *********!!!

    I’m sorry to see they have conscripted Paul Ryan to be the messenger just like obama did with Rice.

    Accuse obama of ‘kicking the can down the road.’ Now that’s the pot calling the kettle black. This is just another excuse to prolong the agony, and build apathy against the Republican party. Are you all brain dead???

    Tomorrow, lay out your line in the sand which gives obama almost two months to negotiate or fold. You cowards are trying to delay this. I can’t believe it. You really don’t have the political guts to play in the same stadium as him. I am embarrassed and ashamed.

    You just don’t get it. YOU ARE NOT GOING TO OUTFOX this guy. Do what is right for the country! NO DEBT LIMIT DELAY OR INCREASE IN AMOUNT WITHOUT OFFSETS. End of frikken story. Stand back. Let the Dems and media wet themselves, call you names, deride you, whatever. All you have to say is, ‘I took an Oath to do what is right for the country.’ If THEY do nothing, the government shutdown is on them. AND MAKE SURE SOMEONE WHO KNOWS HOW TO ARTICULATE THAT WITHOUT WHINING SAYS IT.

    And don’t mislead people. From what I have heard this would not REALLY cause a default on our debt. If they want to lie, mislead, obfuscate, confuse people, let them. BE 100% HONEST. TALK FROM ONLY ONE SIDE OF YOUR MOUTH. Be men and women of your word! If you have nothing else, at least hav

    Report this comment

    pghpatriot  
  • RANGER1965
    Posted on January 17, 2013 at 10:07pm

    Could someone explain to me the difference between raising the debt limit by an astronomical amount without demanding any concessions in spending….or

    ….arguing about it first, then raising the debt limit by an astronomical amount in small increments over time, without demanding any concessions in spending?

    They seem the same to me, but then again I’m not smart enough to understand the logical elegance of Keynesian economics, or the fairness of Socialism either.

    Report this comment

    RANGER1965  
    • Snowleopard {gallery of cat folks}
      Posted on January 17, 2013 at 10:12pm

      There is no difference and the Republicans are caving into Obama once again.

      Report this comment

      Snowleopard {gallery of cat folks}  
    • ltb
      Posted on January 17, 2013 at 10:15pm

      These Republicans make me want to vomit. If ever there was a time to use all of the power at their disposal, this would be it. There’s no election in sight and they hold the power to force the government to live within its means by refusing to raise the debt ceiling. If Republicans did that, the interest on the national debt, Social Security, Medicaid and the military would all be funded. The only things that would shut down are bureaucracies that do nothing (EPA, ED, DOE, etc.), except suck money from the treasury and stifle business. Just closing down the EPA alone would cause the economy to take off like a rocket, due to increased activity in the oil and gas industry. There is no candy coating this, these people are traitors. EVERYTHING they do harms our country, makes us weak and puts America at the mercy of our enemies in the Middle East, China and Russia.

      Report this comment

      ltb  
    • drs1969
      Posted on January 18, 2013 at 1:18am

      By dragging it out over time, the Rep’s are actually propping up the dollar.
      Debt and money are the same in a fiat system. If they were to do what BHO and Bernanke want, and give this power away, it would lead to a collapse of the dollar quickly. The world markets would panic. That’s what BHO and his bankster puppet masters want.
      Since the Rep’s didn’t stand their ground in 2011, I expect they’ll go another 2-3 trillion to get them past the next election. This is actually less bad, percentage-wise, than last time. It’s still a tax, by another name, inflation.

      Report this comment

      drs1969  
  • smokey888x2
    Posted on January 17, 2013 at 9:59pm

    http://www.canadafreepress.com/index.php/article/52426

    Report this comment

    smokey888x2  
  • KeystoneState
    Posted on January 17, 2013 at 9:49pm

    Cave cave CAVE! That’s all the “GOP” does! When will the “People” realize that we keep going to the source of the problems, aka, “Washington” for the solutions? It’s time for the “people” to think outside the box, and to cut off the so called “leaders” at the pass! Stop giving them “power”, aka, money! The Business owners should take a two week vacation, send their employees home fore the same amount of time, and let the country know what it’s like to be completely stranded without the free market for a bit, like a national hurricane, (no food, no transportation, no medical, no TV)! That will Definitely get the point across, and Legally, non Violently, and Effect-fully! After all, the Government can take what we make, but they can’t take what we don’t make! Lets make a date people!

    Report this comment

    KeystoneState  
    • S-O-B-E-R
      Posted on January 17, 2013 at 10:04pm

      I’m in.

      Report this comment

      S-O-B-E-R  
    • DRSAVAGE24
      Posted on January 17, 2013 at 10:24pm

      They’re all part of the same team. That includes Paul Ryan and Marco Rubio. I don’t even think they’re caving. I think this is what they want to do the whole time, they just can’t be too obvious about it because then the American people would wake up and throw their asses out of office. Can’t be too obvious that we have one-party rule in Washington – the big government party. So, they act like they’re arguing over the debt ceiling, fiscal cliff, etc…they act like they’re fighting hard, then at the last minute they make a deal and congratulate themselves for saving us.

      I’m tired of this same old routine since Janary 2011 As sure as I’m sitting here, they will increase the debt ceiling. Yeah, they’ll talk about not raising it without a balanced budget amendment, then they’ll “cave” for tiny spending cuts that never actually occur and they’ll continue enslaving us with mountains of debt.

      I want to find out just how much of a tyrant Obama is. Will he unilaterally, unconstitutionally raise the debt ceiling if the Republicans refuse to do so? Let’s stare this guy down and dare him to expose himself as a tinhorn dictator.

      Report this comment

      DRSAVAGE24  
    • KeystoneState
      Posted on January 17, 2013 at 11:58pm

      U.S. Citizens On Strike! July 4th 2013! Use some of that stored food, and take a couple weeks off! Send your employees home for two weeks, and watch what happens when the “Takers” lose their precious Cable, Medical, Food, Transportation, Sewage, Water, Police, Etc… Like a national hurricane for the Give-Me class which would be legal, non violent, painfull but non lethal and totally effective! Quit bugging DC, (it’s fruitless at this point, since they are totally corrupt at this point) there’s no point in going to the source of the problem for the solution right?! Send a real message! (They can’t do anything without us “makers/producers/earners”! Without our cash, they’ll be flat on there ssa! You can take from the Makers, but you can’t make the Makers make!

      Report this comment

      KeystoneState  
  • woodyee
    Posted on January 17, 2013 at 9:40pm

    Sung to the tune of Foslsom Prison…

    I hear those cheeks a-partin’
    they’re partin’ on the right.
    I see those tears a flowin’
    That Boehner’s quite a sight
    Well we’re stuck in ‘Bammy’s prison…
    Repubs keep draggin’ on
    (keep draggin on, keep draggin on)…

    Report this comment

    woodyee  
  • freeberty
    Posted on January 17, 2013 at 9:37pm

    Apparently Ryan is Obama’s go to guy for getting the house (which by the way has a major republican majority), to completely dismiss their conservative constituents, and persuade them to vote the way Obama wants.
    Examples
    Debt extension Sept, 2012
    Fiscal Cliff end of 2012
    Debt extension of March 2013
    Good thing that the republican voters weren’t stupid enough to chose a presidential candidate that would chose this loser as a his VP

    Report this comment

    freeberty  
  • Patriot Z
    Posted on January 17, 2013 at 9:33pm

    in other words the GOP is gonna bend over and let obama just stick the tip in….

    Report this comment

    Patriot Z  
    • CatB
      Posted on January 17, 2013 at 9:37pm

      Not to worry .. they will go Full Monty and sell us out in the “end” so to speak.

      Report this comment

      CatB  
  • whatsallthisthen
    Posted on January 17, 2013 at 9:32pm

    OMG even Ryan has to be a politician first. The easy answer he “sidestepped” is first govt. spending cuts will not hurt the economy nor would a partial govt. shutdown, and only the president can cause a default by not paying our bills that are due which we have the money to pay for, these repugnants are a pathetic example of anyone firm or logical when it comes to repairing this mess they created!!!

    Report this comment

    whatsallthisthen  
  • BlackCrow
    Posted on January 17, 2013 at 9:27pm

    One of these days they are going to run out of road to kick the can down. Think they passed the dead end sign some ways back.

    Report this comment

    BlackCrow  
    • CatB
      Posted on January 17, 2013 at 9:32pm

      These GOP morons know NOTHING about negotiations .. can we hire Trump to go in and handle this .. we need someone who knows what he is doing. They surrender before they even start the battle.

      Report this comment

      CatB  
    • SPOT_OF_TEA
      Posted on January 18, 2013 at 7:54am

      Cat….I think you are confused in believing the republicans in Washington want the same things you want.

      Report this comment

      SPOT_OF_TEA  
  • banjarmon
    Posted on January 17, 2013 at 9:25pm

    One simple line in each bill should read…Repeal obamacare in its entirety!

    Report this comment

    banjarmon  
  • barber2
    Posted on January 17, 2013 at 9:23pm

    You Republicans had better pray there is a person with the wisdom and strategic genius of George Washington combined with the cold-hearted insights of a Machiavelli. Conservatives are now battling the most difficult enemy since the fall of the Soviet Union. Ironically, the enemy is now a group of fellow Americans , the Chicago radical Democrats, contaminated with the same radical left ” anti-capitalism , ” atheism, and the corresponding lack of moral core of the old Soviets. Good luck, Republicans. You are going to need all of the luck and the prayers we can muster. Many of us are aware and are praying. PLEASE GET UNIFIED and get a spokesperson…..

    Report this comment

    barber2  
  • Walkabout
    Posted on January 17, 2013 at 9:11pm

    Barack Inssein Obama continues to destroy our country. Meanwhile Al Qaeda is on the march. But didn’t Obama say they were finished? over a year ago?

    “More than two years ago, al Qaeda central decided to exercise more control over AQIM’s hostage-taking operations.”

    Http://www.longwarjournal.org/archives/2013/01/analysis_al_qaeda_ce.php#ixzz2IHyj0Xjv

    So the hostage taking in Algeria didn’t happen or was a fluke?

    Report this comment

    Walkabout  
    • barber2
      Posted on January 17, 2013 at 9:25pm

      WALK: Shhhh: focus on the gun issue ! Remember the Media parroted Obama meme: ” GM is alive and Osama is Dead ! ” ( stay dumb , ignore reality and , thus, be a good Democrat ! )

      Report this comment

      barber2  
  • freeberty
    Posted on January 17, 2013 at 9:11pm

    I can’t remember, was Paul Ryan a vice president nominee for for the democrats or the republicans? Seems like he would have done Obama proud if he was the second in command instead of Biden.

    Report this comment

    freeberty  
  • Walkabout
    Posted on January 17, 2013 at 9:07pm

    Read: Cave.

    Report this comment

    Walkabout  
    • CatB
      Posted on January 17, 2013 at 9:34pm

      It’s all they know .. they throw up the white flag before even starting to engage in the fight. God I am sick and tired of these morons who don’t have “a pair” between them.

      Report this comment

      CatB  
  • gyro
    Posted on January 17, 2013 at 9:04pm

    obama is playing chicken
    the house will cave
    obama 1 freedom 0

    Report this comment

    gyro  
  • civilwarcometh
    Posted on January 17, 2013 at 9:03pm

    ALL of them are corrupt and EVIL…….

    Report this comment

    civilwarcometh  
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