Posted: Jan 22, 2013 4:08 PM
Updated: Jan 22, 2013 5:00 PM
Source: Associated Press
WASHINGTON - Republicans controlling the House are moving quickly to try to defuse a potential debt crisis. They're offering legislation to prevent a first-ever default on U.S. obligations for three months or more.
The Republicans are giving up for now on trying to extract spending cuts from Democrats in return for an increase in the government's borrowing cap. The respite promises to be only temporary, with the stage still set for major battles between the GOP and President Barack Obama.
The first step comes with a House vote on legislation that will give the government enough borrowing leeway to meet three months' worth of obligations. That will delay a showdown that Republicans fear they would lose.
The legislation is disliked by Democrats, but the administration says it won't oppose it.