Republicans pitch short debt-cap increase with shutdown in place

House Republican leaders proposed a short-term increase in the debt ceiling that would continue the government shutdown and reduce the prospects for a U.S. default while extending the partisan fiscal fight. More

To continue reading this article, please do one of the following.



politics

Republicans pitch short debt-cap increase with shutdown in place

BLOOMBERG FILE PHOTO/ANDREW HARRER
HOUSE SPEAKER John Boehner proposed a short-term increase in the debt ceiling Thursday that House Republicans hope will engage President Barack Obama in negotiations.
Posted 10/10/13

WASHINGTON - House Republican leaders proposed a short-term increase in the debt ceiling that would continue the government shutdown and reduce the prospects for a U.S. default while extending the partisan fiscal fight.

House Speaker John Boehner’s plan would increase the debt ceiling through Nov. 22, said Michael Steel, his spokesman. Republicans want to engage President Barack Obama in negotiations over ending the shutdown, which began Oct. 1 after Republicans insisted on changes to the 2010 health-care law.

“It’s time for leadership,” Boehner, an Ohio Republican, told reporters in the Capitol today. “It’s time for these negotiations and this conversation to begin.”

The plan, which House Republicans will discuss with Obama at the White House at 4:35 p.m. today, marks the first sign that the parties may be able to resolve the impasse without the catastrophic economic consequences that the Treasury Department said would stem from a default.

Obama has insisted that he will negotiate on broader fiscal and health-care issues only after a debt-limit increase is passed and the shutdown ends.

The Standard & Poor’s 500 Index rose 1.4 percent at 11:31 a.m. in New York on optimism among some traders that a deal is closer. Rates on Treasury bills due Oct. 17 dropped for the first time in six days, declining 20 basis points to 0.28 percent at 11:06 a.m. New York time, according to Bloomberg Bond Trader prices.

The benchmark 10-year yield rose four basis points, or 0.04 percentage point, to 2.70 percent, after touching 2.72 percent, the highest level since Sept. 23.

‘Olive branch’

Representative Dennis Ross, a Florida Republican, called the plan an “olive branch” designed to elicit a counteroffer from Obama.

“We’re not going to default,” he said. “Now help us reopen the government and give us something to consider in that regard,” Ross said. “Hopefully he will.”

Next Page
Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    Celebrate with the Healthiest Employers in RI on August 14th at the Providence M ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement