House GOP to Raise Debt Limit For Three Months

However, they refuse to agree to any long-term increase.

In a reassuring sign that tension surrounding the country’s debt limit is easing up a bit, House Republicans said Friday they intend to raise the debt limit for three months. A vote on the temporary debt limit will take place next week. The House GOP, led my Speaker John Boehner, said they will insist member of Congress don’t get paid until a budget is passed.

Although the extension will ensure the federal government doesn’t default on its obligations, the battle over the debt limit is not over. Republicans are still looking to curb government spending before they agree on a long-term debt limit increase.  President Obama’s spokesman, Jay Carney, released a statement, alluding to congressional Republicans desire to make drastic cuts in Medicare and education. (USA Today)

[SUBSCRIBE TO LOOP 21 RSS FEED]