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US house set to vote on debt limit

Jan 21 2013 19:05 AP

James Dresch of MND Partners Incorporated works on the floor of the New York Stock Exchange. (File, AP)

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Washington - Republican officials say the US House of Representatives will vote Wednesday on an increase in the nation's debt limit, a move designed to prevent a first-ever government default.

The vote marks a change in strategy for House Republicans, who run the chamber. They want reduced government spending but decided not to use the debt limit to trigger a confrontation with President Barack Obama.

Instead, they have said raising the debt limit will require the House and Senate to approve budgets that call for spending cuts, with pay withheld for lawmakers in either chamber that failed to do so.

The current debt limit is $16.4 trillion. Aides said they didn't know how big an increase would be contained in the legislation, but it is expected to accommodate borrowing for three months.


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united states  |  economy  |  fiscal cliff

 
 
 

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