October 10th, 2013
12:37 AM ET
1 year ago

Sources: House GOP to unveil short term debt ceiling increase as soon as Thursday

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Washington (CNN) - Multiple House Republican members and GOP leadership sources tell CNN that leaders are preparing a proposal to raise the debt ceiling temporarily while keeping the government shut down.

The sources tell CNN that House GOP leaders' plan is to formally discuss the idea with the GOP conference at a meeting Thursday morning.

Senior House Republican sources have been telling CNN since earlier this week the idea of raising the debt ceiling for four to six weeks is the most viable way out of the stalemate.

A House Democratic lawmaker told CNN on Wednesday evening that President Barack Obama held a private White House meeting. In it, he said he would likely agree to a short term debt ceiling deal if that's what Republicans would support in order to avoid default, the lawmaker said.

Talking about a short term solution, the president told House Democrats, "If that's what (House Speaker John) Boehner needs to climb out of the tree that he's stuck in, then that's something we should look at," according to the House Democratic member.

WH Official: Obama will sign short term debt ceiling extension

After hearing that, as well as public comments of support from House Democratic leader Nancy Pelosi, House Republican sources say they decided it's time to push the idea with rank and file Republicans, especially since they hope to discuss the idea with the president in a White House meeting Thursday afternoon.

One of the GOP sources cautioned that the exact length of the short term debt ceiling bill is not yet worked out. It could be six weeks; it could be a bit shorter.

Senior House Republicans are hoping the idea of allowing a short term increase in the debt ceiling - but not immediately agreeing to fund the government - will placate conservatives.

Earlier, House GOP sources told CNN any stop gap debt ceiling increase would have to be accompanied by a guarantee for negotiations over issues relating to the nation's debt.  Republicans will still demand this, but it is unclear how specific they will be in laying out the parameters of those talks as a condition to raising the debt ceiling temporarily.

Sen. Angus King, I-Maine, said on CNN on Wednesday night that he does not think a short term increase in the debt ceiling is a good idea because it only delays the problem.

"Well, it's just going to make the markets skittish for another six weeks or whatever," he said. "I don't see why we can't just get that off the table. We don't have to speculate. I understand there are people who basically are denying that this is going to be a real problem. We don't have to speculate on that".

But King also said he would support it if it's the only option to avoid defaulting.


Filed under: GOP • House
soundoff (164 Responses)
  1. rs

    Osman Deen

    The President's meeting with the GOP leaders in the White House should give him the opportunity to lay down these 3 simple propositions or precursors that can lead to a serious negotiation about the deficit and spending:

    1) Request the GOP to pass a clean CR and passage of the debt ceiling increase (this is the ideal position for the president)

    2) If the GOP still adamant about keeping the government Shutdown, they should pass a long term debt ceiling increase legislation

    OR

    3) Open government and pass a short-term debt ceiling increase legislation

    If any of these offer is accepted, then the president or Democrats should be willing to sit down with the GOP in serious negotiation about a whole bunch of issues that concerns both parties in terms of spending and debt.
    __________________________
    And if the GOP fail to come through, handcuffs and a 5pm perp walk on the nightly news followed by a trip to Gitmo for the terrorist leaders of the Right.

    October 10, 2013 10:07 am at 10:07 am |
  2. rs

    Bud

    Obama is the chief engineer on an economic train wreck and Republicans are trying to stop it. If anyone can tell me how we can pay off this massive debt we keep accumulating I would like to hear it.
    __________________
    1. End the GOP's "corporate socialism". No Oil subsidies, no corporate "farm" support.
    2. End the Bush Tax Cuts for the top 1%, return top rates to Eisenhower levels.
    3. Ensure each and every corporation pays its fair share.
    4. Multiply EPA fines against corporations by a factor of 10
    5. Pass a law ensuring that when military actions are undertaken by the U.S. anywhere in the world, income tax rates go up by 5%

    October 10, 2013 10:12 am at 10:12 am |
  3. Data Driven

    @Bud,

    Well, the yearly deficit has been cut in half already, and still going down. That should help.

    I would also recommend ending subsidies to those monolithic business concerns like Big Oil and Big Ag. The biggest savings, though, could come from relinquishing our Imperial habits and radically cut our military spending. Constitution sez a military for the common defense is all that's required: we don't need our troops in every corner of the globe.

    Anyhow, a large nation will always have "massive debt". If that notion is insupportable to you, may I suggest the Maldives?

    October 10, 2013 10:12 am at 10:12 am |
  4. Teresa

    What happened to then senator Obama patriotism and burden to our
    children and NO to debt ceiling? Please don't be less patriotic than
    senator Obama . NO TO DEBT INCREASE!!! NO TO PRINTING MONEY!!!!! “Mr. President, I rise today to talk about America’s debt problem. The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. government can’t pay its own bills.” Senator Obama to President Bush.
    “It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government’s reckless fiscal policies. Over the past five years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers.” Senator Obama to President Bush.

    October 10, 2013 10:13 am at 10:13 am |
  5. Doug in NYC

    Just as in Iraq, the Republicants have NO Exit Strategy. They flip and flop all over the place. No let's get one thing very straight here. The sole reason they are now going after reforms to Social Security, is because Social Security holds the BIGGEST percentage of the US Debt. Simple google folks. The largest part of the debt is actually held by, the American Public, that the republicants have NO intention of paying back. Let's get another thing straight, the Republicant who authorized this raid on the Social Security trust fund? Answer: REAGAN!

    October 10, 2013 10:17 am at 10:17 am |
  6. emskadittle

    See Obama has leadership skilz

    October 10, 2013 10:19 am at 10:19 am |
  7. YUCK

    Tell the truth because it'll set you free.stop lying to the people because we can all see,through the eyes of GOD thee almighty

    October 10, 2013 10:21 am at 10:21 am |
  8. G

    GOP killing the middle class since 1980

    October 10, 2013 10:24 am at 10:24 am |
  9. ladyjag

    Apparently no one has told the REPUBLICANS, TEAPARTY PEOPLE, you lower your credit rating, and you do have serious consequences. Do you know at 25% of REPUBICANS, cannot get a credit card in their name,. because their credit score is so bad. So apparently they do not understand finance. Come Nov 14, we will show the Tparty REUBLICANS what a vote can accomplish, YOU WILL BE FIRED, you will not win relection. WE THE PEOPLE ARE STRONGER THAN THE TPARTY, AND THE REPUBLICANS. LETS FIRE THEM AT THE BALLOT BOX.

    October 10, 2013 10:28 am at 10:28 am |
  10. Larry in Houston

    As a matter of fact, I would like to tell that to all of those on that photo – I wouldn't bother to say hello –

    4 words, and 4 words only –

    ""Check – Mate – You Lost"" on the morning of Oct 18th -

    October 10, 2013 10:33 am at 10:33 am |
  11. The REAL Truth...

    Yawn... all this drama is taking me away from my afternoon soaps....

    October 10, 2013 10:34 am at 10:34 am |
  12. jeff

    DEMS – Killing progress every step of the way.

    Both parties need to make serious cuts, but one think I am tired of hearing is that Social Security is a entitlement. It's taken directly out of our paychecks @ 6.2 %. You do not PAY into an entitlement, and it needs to be left alone.

    SNAP – just like congress, needs term limits. 3 years is long enough for somebody to get on their own two feet. It was never ever meant as a career for people. (you can throw unemployment here as well but with a shorter term)

    Big Oil and Farm subsidies...while I dont like them...imagine what you pay at the pump or grocery store going up 5x or more...just because they can.

    October 10, 2013 10:48 am at 10:48 am |
  13. Pollopa

    Theresa

    Then they voted. Those who were in favor voted so and those who were against voted so. The debt ceiling increased. Let them vote in the house.

    October 10, 2013 10:50 am at 10:50 am |
  14. Rudy NYC

    Bud wrote:

    For all of you wanting to borrow more money, please explain how you think our government will ever pay this back. Republicans are simply trying to save us from ourselves.
    -----------------------------------
    First of all, we're already committed to spending the money. The answer to your question is simple. "Deficits don't matter."

    October 10, 2013 10:50 am at 10:50 am |
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