House Republicans offer 3 month debt ceiling deal


House Republicans say they would raise the debt ceiling for another 3 months so long as its raising is tied to Congressional approval of a budget, without which default would again be a possibility. 

House Speaker John Boehner has scheduled a Jan, 23. vote on a bill that would do so. In a Jan. 18 statement, Boehner said that Republicans will not pass a long-term debt increase without obligating the Senate "to finally join the House in confronting the government's spending problem."

Boehner and House Majority Leader Eric Cantor (R-Va.) said the proposed legislation will have a caveat that if the Senate or House fails to pass a budget in those three months, the salaries of members of Congress would be held in escrow. 

The bill would extend the debt limit through the first half of May, adding between two and three months to when the government is expected to hit its borrowing limit.

The expected vote comes just one day after House Ways and Means will hold a hearing on the history of the debt limit, prior negotiations to raise it and if the Constitution grants the president authority to raise it on his own.

President Obama has said he will not negotiate around the ceiling's increase and said he is unwilling to accept an increase tied to spending cuts.

The Wall Street Journal reports the debt ceiling has been increased 39 times since 1983 and that 25 of those increases were for less than one year. In October of 1990, the debt ceiling was raised five separate times.

For more:
- read Boehner's statement

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