Obama Won't Block House GOP's Debt Bump
Short-term fix expected to pass today
By Rob Quinn, Newser Staff
Posted Jan 23, 2013 1:15 AM CST
Speaker of the House John Boehner talks to reporters after a long closed-door meeting on a strategy to deal with a potential debt crisis yesterday.   (AP Photo/J. Scott Applewhite)

(Newser) – The next debt-ceiling battle looks set to be delayed until at least May. The White House says President Obama "would not oppose" the House GOP's plan to suspend the debt limit until May 19, reports the Washington Post. Senate Majority Leader Harry Reid has also backed the plan, saying "I'm glad we’re not facing crisis here in the matter of a few days."

The proposal leaves the borrowing limit of $16.4 trillion intact, but suspends enforcement, leaving the Treasury free to keep borrowing to avoid a default. The House is due to vote on the plan today and Republican leaders predict it will pass easily, though Democrats would prefer a longer-term deal. "A temporary solution is not enough to remove the threat of default that Republicans in the Congress have held over the economy," the White House said in a statement.

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Showing 3 of 11 comments
kawahchan
Jan 23, 2013 11:06 AM CST
(R) 2014 & 2016 Gov. RICK PERRY Report: Obama's and (D) Rep.Nancy Pelosi's debt ceiling plan is softer than the toilet papers. Won't cut the Democrats' buttocks. Soft soft.
CarlM
Jan 23, 2013 9:31 AM CST
Why do people not understand that the debt ceiling has NOTHING to do with curbing spending? We pay the bills that have been authorized by Congress and because they have authorized more spending than the money we take in, it requires borrowing to pay the bills. Enforcing a limit on that debt only serves to prevent the government from paying its PAST bills. This is called defaulting. If we were to ever do this, our credit rating would take an even more serious hit than it has taken already from mere THREATS to not pay our debts. If congress wants to spend less and raise taxes in an effort to balance the budget, then they should do so. If congress wants to not pay the bills that we already have, they should not do so. The debt ceiling should be eliminated entirely.
2poor
Jan 23, 2013 4:54 AM CST
Once again, the Demwit administration's lack a budget and runaway spending habits has required the Congressional action...."kick the can on down the road".