WASHINGTON (AP) — Congressional Republicans say they are short of the votes for raising the debt limit and avoiding a first-ever government default, lacking a plan barely a week from the deadline and creating problems for House Speaker John Boehner and his successor-in-waiting, Rep. Paul Ryan (R-WI).
GOP leaders are promising to act next week — just days before a Nov. 3 deadline. Increasing the government’s $18.1 trillion borrowing cap so that it can continue to pay its bills in full and on time would reassure nervous financial markets and save the Republican Party from presiding over a default on U.S. obligations.
Treasury Secretary Jacob Lew says that the government’s ability to use accounting steps to pay its bills for veterans, Social Security recipients, federal employees and others will run out early next month.
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