GOP Mulling Extending Short Term Debt Ceiling Limit
In an effort to bring Democrats on the negotiating table and give itself more time to convince the White House over their stand on spending cuts in other two budget deadlines, the GOP is mulling a proposal to approve short term raise in the debt ceiling.
According to a news report carried in the Wall Street Journal, Paul Ryan, (Republican, Wisconsin), the House Budget Chairman and party’s vice president nominee, last fall, put forward this idea during a closed door meeting with other Congressional Republicans on Thursday, the second day of their retreat at a resort in Williamsburg, Va.
The latest proposal was one among many others discussed by the Republicans as they held across-the-board strategy session. Although no final decision was made, several members showed their approval following the session, according to the WSJ.
For instance, Rep. John Fleming, a conservative Republican from Louisiana, said that House of Representatives Speaker John Boehner along with several other Republican lawmakers approved the proposal of a short-term debt ceiling increase.
“We’re all pretty much on board,” he said. “I don’t mean that every single person is going to vote for it, but as a working principle, I think we’re all pretty solid on it,” said to news reporters.
Nevertheless, one point which remains ambiguous is whether the GOP will put pressure on the Whitehouse to consider at least some spending cuts in exchange of extension of the debt ceiling—if that’s the case then it could result in disagreements within the party since many senior Republicans and business leaders have made it absolutely clear that the government cannot default on its obligations.
By approving to increase the debt ceiling for a short period, possibly one to three months.The threshold limit of $16.4 trillion has been already crossed and the federal government has just enough money to run day to day administration until first week of March.
More Posts by this author
- Morgan Stanley Shares Rally on Q4 Results (MS)
- Gold Prices Post Weekly Gains
- Market Update After Hours January 18
- Stocks End on a Mixed Note; Dow Jones and S&P 500 Finish at Five-Year Highs
- Gold Prices Settle Lower; Silver Prices Gain
- Stocks Mixed in Late Trading
- Stocks Down in Mid-Day Trading, Sentiment Weighed Down by Consumer Sentiment Index And Intel’s Outlook
 |
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
|
