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House Tackles Debt Crisis

By: AP
By: AP

House Republicans are moving to try to defuse a potential debt crisis with legislation to prevent an economy-rattling fiscal crisis for at least three months.

The GOP legislation marks a tactical retreat by House GOP leaders, eager to avoid a potential first-ever default on U.S. payment and debt obligations as they wrestle with President Barack Obama over taxes, spending and the deficit.

The bill, which House Republicans expect to pass today, would give the government enough borrowing leeway to meet three months' worth of obligations, delaying a crisis showdown next month.

It also contains a provision that slaps at the Senate, which hasn't debated a budget since 2009, by withholding the pay for either House or Senate members if the chamber they serve in fails to pass a budget plan.


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