House To Vote Wednesday On Raise In Debt Limit
Republican officials say the House will vote Wednesday on an increase in the nation's debt limit, a move designed to prevent a first-ever government default.
The vote marks a change in strategy for House Republicans who run the chamber and who remain adamant about reducing government spending but decided not to use the debt limit to trigger a confrontation with President Barack Obama.
Instead, they have said the debt increase measure will require the House and Senate to approve budgets that call for spending cuts, with pay withheld for lawmakers in either house that failed to do so.
The current debt limit is $16.4 trillion. Aides said they didn't know how big an increase would be contained in the legislation, but it is expected to accommodate borrowing for three months.
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