GOP to Seek Short-Term Debt Ceiling Extension - kcentv.com - KCEN HD - Waco, Temple, and Killeen

GOP to Seek Short-Term Debt Ceiling Extension

Posted: Updated:

(NBC News) -- Republicans said they would seek a short-term extension of the nation's debt limit in hopes of jump-starting fiscal talks with President Barack Obama.

Hours before the GOP leadership heads to the White House to sit down with Obama to figure out how to reopen the government and avert defaulting on the national debt, Republicans said they would address one part of that threat. The matter of how or when Congress might end the government shutdown is still very much unresolved.

The GOP leadership said it would offer legislation to temporarily increase the debt ceiling -- for about six weeks or so -- to allow time for negotiations with Obama over a broader budget deal.

White House press secretary Jay Carney called the development "encouraging."

"The president is happy that cooler heads at least seem to be prevailing in the House," Carney said at the daily press briefing.

But the administration has not committed to Obama necessarily supporting the Republican offer. The president has repeatedly called on Congress to both reopen the government and raise the debt ceiling, though Carney noted that Obama had previously said he could accept a debt ceiling extension on its own.

"I would hope that the president would look at this as an opportunity and a good-faith effort on our part to move halfway to what he's demanding in order to have these conversations begin," Boehner said following a closed-door meeting with fellow Republicans.

An extension of the debt ceiling, without conditions, would represent somewhat of a concession to Obama, who has demanded that Republicans both reopen the government and raise the government's debt limit – even for a short period of time – as a precondition to sitting down at the bargaining table.

"Re-open the government, extend the debt ceiling," Obama said Tuesday afternoon at the White House. "If they can't do it for a long time, do it for a period of time in which in which these negotiations are taking place."

But the Republican plan leaves the topic of the ongoing government shutdown unaddressed. A protracted shutdown has left hundreds of thousands of federal workers furloughed without pay, and millions more affected by the effects of the fiscal impasse. The shutdown could conceivably drag on longer throughout fiscal negotiations, even as Obama and Republicans work to hammer out an overarching fiscal deal.

Asked when the GOP would reopen the government, Boehner responded: "That's a conversation we're going to have with the president today."

That could be a sticking point, though, to even getting Obama to agree to negotiate.

"Congress needs to pass a clean debt limit increase and a funding bill to reopen the government," a White House official said.

It's also not clear whether a short-term negotiating window would yield any more productive outcomes than during previous negotiations over the past few years. Failing to reach an agreement would threaten to only revive the same battle that has recently plagued Washington a few weeks later, likely around the holiday season. Stocks were up sharply Thursday morning amid the signs of potential progress on the debt ceiling extension, something Wall Street has been paying close attention to as next week's expected deadline looms.

Moreover, Republicans are somewhat divided over what concessions to seek during negotiations from Obama. Some GOP lawmakers wish to undo part or all of Obamacare, while other Republicans are seeking entitlement cuts and still others wish to achieve tax reform. Whether these plans can win support from Obama, though, without giving on the question of taxes or sequester spending levels is another question.

On top of that, Boehner and his team have sometimes struggled to mollify conservatives in the House GOP, who have sometimes broken with their leadership on important fiscal matters in the past. Boehner can't afford to lose more than 18 Republican votes if every Democrat in the House opposes the new Republican strategy.

As the House mulled its path forward, Senate Majority Leader Harry Reid, D-Nev., introduced legislation in the Senate that would cleanly raise the debt ceiling through the end of 2014.

  • Latest NewsMore>>

  • Boy with inoperable brain tumor gets thousands of birthday cards

    Boy with inoperable brain tumor gets thousands of birthday cards

    Friday, July 25 2014 1:12 PM EDT2014-07-25 17:12:00 GMT
    All Daniel Nickerson of Foxboro, Mass., wants for his sixth birthday Friday are cards.So far, the little boy with an inoperable brain tumor has received thousands upon thousands.More >>
    All Daniel Nickerson of Foxboro, Mass., wants for his sixth birthday Friday are cards.So far, the little boy with an inoperable brain tumor has received thousands upon thousands.More >>
  • 2014 Baylor Football Legends Announced

    2014 Baylor Football Legends Announced

    Friday, July 25 2014 10:52 AM EDT2014-07-25 14:52:53 GMT
    WACO, Texas – Five former Baylor football players will be recognized as Baylor Football Legends during select 2014 home football games, Baylor officials announced Thursday. Each honoree will be introduced on the field during their respective game, while a short video details their playing careers for the Bears. The Baylor “B” Association, which selects the legends, will open the season by recognizing four-year letterman C.J. Wilson (2003-06) at the Aug. 31 contest vs. SMU. Two players from ...More >>
    WACO, Texas – Five former Baylor football players will be recognized as Baylor Football Legends during select 2014 home football games, Baylor officials announced Thursday. Each honoree will be introduced on the field during their respective game, while a short video details their playing careers for the Bears. The Baylor “B” Association, which selects the legends, will open the season by recognizing four-year letterman C.J. Wilson (2003-06) at the Aug. 31 contest vs. SMU. Two players from ...More >>
  • Cuban: Taxes will go up if too many companies leave US

    Cuban: Taxes will go up if too many companies leave US

    Friday, July 25 2014 10:39 AM EDT2014-07-25 14:39:14 GMT
    Billionaire investor Mark Cuban told CNBC on Friday that taxes will go up if too many companies leave the United States for greener overseas tax shores. That tax money will be have to be made up somewhere, he said. "If this is part of a movement where in aggregate it really has a material impact on taxes paid, then again taxes are going to go up," he said on "Squawk Box," a day after President Barack Obama discussed corporate tax inversions in an interview with CNBC. ...More >>
    Billionaire investor Mark Cuban told CNBC on Friday that taxes will go up if too many companies leave the United States for greener overseas tax shores. That tax money will be have to be made up somewhere, he said. "If this is part of a movement where in aggregate it really has a material impact on taxes paid, then again taxes are going to go up," he said on "Squawk Box," a day after President Barack Obama discussed corporate tax inversions in an interview with CNBC. ...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KCEN. All Rights Reserved. Users of this site agree to the Terms of Service, Privacy Notice/Your California Privacy Rights, and Ad Choices.