GOP to vote on temporary debt ceiling hike

Republicans in the House of Representatives are moving ahead on a bill that would raise the debt ceiling for just three months, Politico reports. The proposal will come to a vote next week.

It was an expected turn of events in the ongoing drama over federal spending that has sharply divided Republicans and Democrats. The bill also has an unusual twist: It proposes to stop paying lawmakers if the House and Senate don't pass a budget.

The strategy is to shift blame to the Senate, Politico reports.

Republicans have been signaling a willingness to raise the debt ceiling to avoid sending the U.S. economy into turmoil. John Cornyn, the Republican Senate Minority whip, sounded sure about the matter Thursday when he spoke to the Houston Chronicle's editorial board. "We will raise the debt ceiling. We're not going to default on our debt," he said, according to Politico. "I will tell you unequivocally, we’re not going to default."

This seems to be in direct contrast to what Republicans were saying earlier this month. Some lawmakers appeared ready for a government shutdown if spending cuts were not approved. But big business has chimed in, saying there's no way the government should run out of cash and shut down. Even Republican leaders acknowledge a shutdown could be very damaging.

A short extension on the debt ceiling would give GOP leaders time to fight for deep spending cuts. Many cuts are slated to kick in March 1, and leaders of both parties are scrambling to pull those back in favor of better-crafted alternative plans.

The click is ticking, however, Congress must raise the $16.4 trillion debt ceiling by mid-February to early March or the government will run out of cash.

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