House GOP seeks to defuse debt crisis

WASHINGTON (AP) - House Republicans are moving to try to defuse a potential debt crisis with legislation to prevent an economy-rattling fiscal crisis for at least three months.

The GOP legislation marks a tactical retreat by House GOP leaders, eager to avoid a potential first-ever default on U.S. payment and debt obligations as they wrestle with President Barack Obama over taxes, spending and the deficit.

The bill, which House Republicans expect to pass today, would give the government enough borrowing leeway to meet three months' worth of obligations, delaying a crisis showdown next month.

It also contains a provision that slaps at the Senate, which hasn't debated a budget since 2009, by withholding the pay for either House or Senate members if the chamber they serve in fails to pass a budget plan.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WYMT CONTACT INFO 199 Black Gold Blvd. Hazard, KY 41701 606-436-5757 - switchboard 606-439-9968 - newsroom
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 188014911 - wkyt.com/a?a=188014911
Gray Television, Inc.