US Debt Ceiling Debate 2013

January 22, 2013 by  

US Debt Ceiling Debate 2013, Speaker of the House John Boehner heads into a closed-door strategy session with GOP members at the Capitol. House Republicans revised their strategy for the coming months’ fiscal debate with Democrats, saying they’ll agree to a three-month debt-limit increase without demanding spending cuts as part of the deal. Instead, Republicans will use the planned Jan. 23 House vote on a debt-ceiling increase to try to force Senate Democrats to adopt a budget to spell out their spending plan.

“We are going to pursue strategies that will obligate the Senate to finally join the House in confronting the government’s spending problem,” Speaker John Boehner of Ohio said in a statement yesterday at the end of House Republicans’ policy retreat at a resort near Williamsburg, Virginia.

The strategy represents an acknowledgment by Republican leaders that they need to reassess their goals following President Barack Obama’s re-election and an increased Democratic majority in the Senate.

The Treasury Department has said the U.S. will exceed its $16.4 trillion borrowing authority sometime from mid-February to early March. Congress faces two other fiscal deadlines in the next 90 days, and House Republicans plan to use those debates — rather than the immediate one over the debt limit — to push for federal spending cuts.

Financing for government agencies is scheduled to lapse March 27, and lawmakers must pass new spending or cause a government shutdown. Also in March, Congress will confront the $110 billion in automatic spending cuts, half from defense, that were postponed in the Jan. 1 tax deal.

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