U.S. House Republicans propose temporary short-term debt ceiling increase

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U.S. House Speaker John Boehner said on Thursday (Friday in Manila) that Republicans planned to offer a temporary short-term debt ceiling increase to negotiate with Democrats, a major breakthrough to solve the fiscal impasse that has resulted in a partial federal government shutdown.

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“What we want to do is to offer the president today the ability to move, a temporary increase in the debt ceiling, in agreement to go to conference on the budget,” Boehner said at a press conference.

Republican leaders are expected to discuss the details with U.S. President Barack Obama later in the day to negotiate over reopening the federal government and budget issues.

“That’s a conversation we’re going to have with the president today. And I don’t want to put anything on the table I don’t want to take anything off the table,” Boehner added.

U.S. Treasury Secretary Jacob Lew has told Congress that the federal government will reach its debt limit of US$ 16.7 trillion by Oct. 17, and failure to raise it would lead to a catastrophic default.

Christine Lagarde, managing director of the International Monetary Fund, also warned Thursday that U.S. failure to lift the debt ceiling would damage the U.S. and global economy. PNA

 

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