In a move that could head off another bruising battle over increasing the nation's debt ceiling, GOP leaders in the House plan to approve a three-month increase in the nation's borrowing authority next week, NPR's S.V. Date reports.
But, he tells our Newscast Desk, Republicans want to tie a longer-term increase to the passage of a budget that cuts spending.
His report continues:
"The plan comes from Majority Leader Eric Cantor as House Republicans wrap up a retreat in Southern Virginia.
"Cantor writes that the three-month extension would give time for the Senate to pass a budget, which it hasn't done in four years. Further, if Congress fails to pass a budget, House members and senators would not get paid until they did.
"President Obama has insisted on a longer-term increase in the borrowing authority because short-term increases would be disruptive to the financial markets.
"It's not yet clear how the Democratic-controlled Senate would react to a three-month increase. The Treasury has projected it will be unable to pay the nation's bills as early as mid-February unless something is done."