House GOP's New Idea: Short-Term Debt-Limit Boost
It would then shift focus to other deadlines
By Kevin Spak, Newser User
Posted Jan 18, 2013 7:15 AM CST
Tthen-vice presidential candidate, Paul Ryan gestures as he speaks during a campaign event in this Nov. 5 file photo.   (AP Photo/Mary Altaffer, File)

(Newser) – House Republicans are coming around to the idea of raising the debt ceiling—for a few months anyway. At a closed-door session at the caucus' annual Williamsburg, Va., retreat yesterday, Paul Ryan championed a plan to pass an extension of, say, one to three months, and shift the debate to the government's other looming economic doomsday deadlines, like the March 1 automatic spending cuts, the Wall Street Journal reports.

Several other ideas were put forward at the meeting as well, but the extension seems to have the momentum. "We're all pretty much on board," said one representative, who added that John Boehner was among the idea's fans. Ryan told reporters yesterday that leadership hoped to use the retreat to manage the rank-and-file's expectations and highlight the "realities of divided government," and the consequences of upcoming fiscal deadlines, the Huffington Post reports. In other debt ceiling news:

  • In the Senate, Republican Pat Toomey is pushing ahead with a fallback plan that would order the Treasury to prioritize payments on US debt interest, military salaries, and Social Security, and authorize it to borrow as needed to make those payments. The bill now has 30 co-sponsors, CNNMoney reports, but there's no sign that Obama would sign it.
  • But now-ex-Senator Jim DeMint is urging Republicans not to compromise, telling the Financial Times that hitting the debt ceiling wouldn't be a big deal. "The government itself is not going to shut down," he said. "In fact, I don't think people are even going to notice it."

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Showing 3 of 28 comments
Luna_Park
Jan 27, 2013 1:11 AM CST
The GOP folks in the House are just trying to find a way for the Dems to stop blithely raising the damned debt ceiling every single year. Did you know the country's already 12 trillion dollars in debt? -----------o-------------- Refusing to raise the debt ceiling any more is like a household that refuses to borrow any more money because it's in way over its head in debt and interest payments already. At some point, you gotta say, "E basta!" Of course, you still gotta pay off the debt you have. But not by creating new debt to pay off the old debt. That's a Ponzi scheme. You want to improve your credit rating? Cut up your credit cards, and pay off your debts. That'll do it! Hey, it's not rocket science.
Flatus_Antiquus
Jan 20, 2013 1:44 PM CST
Oh, yeah, here's a "new idea:" Only kick the can a little way down the road!! BRILLIANT!! The mastery of governing exhibited by the Congress is, well, it's just BREATHTAKING!
Brettmander
Jan 19, 2013 12:19 PM CST
In terms of gaining political leverage it may be beneficial for the GOP to draw out the debt ceiling debates, but at what expense to their public image? Who other than the government makes a limited-time, 3 month guarantee on paying their bills? This is just embarrassing for US politics.