Tagged: Debt Limit

President Obama "welcomes" the plan by House Republicans to vote Wednesday on a three-month extension of the nation's borrowing limit, White House press secretary Jay Carney told reporters today, and "would not stand in the way of the bill becoming law." (The Hill)

House Republicans held their annual retreat this week in Williamsburg, Va., to figure out their next steps. They dropped a demand to have spending cuts for ever dollar the debt ceiling is raised, at least for the next three months. GOP lawmakers are now pinning their hopes for deficit reduction on other looming budget battles.

In a move that could head off another bruising battle over increasing the nation's debt ceiling, GOP leaders in the House plan to approve a three-month increase in the nation's borrowing authority next week, NPR's S.V. Date reports.

But, he tells our Newscast Desk, Republicans want to tie a longer-term increase to the passage of a budget that cuts spending.

His report continues:

"The plan comes from Majority Leader Eric Cantor as House Republicans wrap up a retreat in Southern Virginia.