Saul Loeb, AFP/Getty Images
WASHINGTON -- The government could get about three more months of borrowing authority, beyond a deadline that is expected to hit as early as mid-February.
House Majority Leader Eric Cantor says the House will vote next week to let the government borrow more money to meet its obligations.
The legislation wouldn't require immediate spending cuts, despite earlier promises by House Speaker John Boehner (BAY'-nur) and others. Instead, it's aimed at forcing the Democratic-controlled Senate to join the House in debating the federal budget. It seeks to do so by linking pay for members of Congress to the passing of budget measures through the House and Senate.
The idea is running into opposition from Democrats who say it's a gimmick because it would set up another potential confrontation in just a few months. Votes from Democrats may be necessary to pass it, if Republican conservatives who oppose any increase in the debt limit withhold their support.
The White House says it's "encouraged" by the apparent willingness to extend the debt limit.
Senate Majority Leader Harry Reid also welcomed the development -- but his office is indicating that Senate Democrats won't accept it because of the measure on congressional pay.
The Associated Press