Ryan floats short-term debt limit increase idea

Rep. Paul Ryan, R-Wis., suggested today that House Republicans could push for a short-term increase of the debt limit, likely around one month, to allow more time for Republicans to work with President Obama and Senate Democrats on spending cuts.

"We're discussing the possible virtue of a short-term debt limit extension so that we have a better chance of getting the Senate and the White House involved in discussions in March," Ryan, the chairman of the House Budget Committee, told reporters at the House Republican Conference annual retreat in Williamsburg, Va.

"Because what we want to achieve at the end of the day is a two-way discussion between Democrats and Republicans, and out of that hopefully some progress being made on getting this deficit and debt under control."

Treasury Secretary Timothy Geithner has informed Congress that the U.S. is expected to hit its current debt limit of $16.4 trillion by mid-February or March.

• Geithner reinforces Obama's debt ceiling warning to Congress
• Obama: Not raising debt limit "absurd", "financial disaster"

A one-month extension would take the debt limit fight to around the same time as both across the board spending cuts are set to go into effect and when current funding of for the government expires.

The triple threat in March of possible default on the nation's debt, a possible government shutdown and billions in looming across the board spending cuts could give Republicans great leverage in negotiations with Democrats, but Ryan said at this time "all options are on the table."

What is clear, is that Republicans are determined to secure substantial spending cuts and deficit reduction in upcoming negotiations.

"We think the worst thing for the economy is for this Congress and this Administration to do nothing to get our debt and deficits under control" Ryan said. "It would be wrong if we walk out of this spring with no achievement on debt reduction whatsoever because that will hurt the country, that will hurt the economy."

Republican leaders are trying to build consensus for whatever way they move forward on these fiscal issues trying to avoid a repeat of the fiscal cliff debate that revealed a divided conference, even among leadership. House Speaker John Boehner, R-Ohio, voted for the final "fiscal cliff" package that included tax rate increases and no spending cuts, as did Ryan, and Majority Leader Eric Cantor, R-Va., and Majority Whip Kevin McCarthy, R-Calif., opposed the package.

Boehner has already said he will demand spending cuts of equal or greater value to any debt limit increase.

At the GOP retreat, leaders like Ryan and Ways and Means Chairman Dave Camp, R-Mich., are also trying to make sure rank-and-file Republicans, some who do not believe there will be economic consequences if they refuse to raise the debt ceiling, understand the repercussions that come with each choice they have to make in the upcoming deficit fights.

"Our goal is to make sure our members understand all the deadlines that are coming" Ryan said. "All the consequences of those deadlines that are coming in order so that we can make a better informed decision of how to move and how to proceed."

Ryan also said Republicans "have to also recognize the realities of divided government that we have."

[peter_out]

Add a million dollar increase in the debt ceiling for each government regulation that is discarded.

It'd be win-win-win-win-win-win. Debt ceiling goes up, employment goes up, participation goes up, income goes up, revenue goes up, deficit goes down.

[hypnotoad72]

No doubt.

Both sides are probably bought and paid for, who who cares...

[WhereisOT]

Just keeps getting better and better for True Human Beings..
The do nothing but spew hate, can't "think" for themselves...power starved, party for the dumb and "rich", freakout fanatical, full bubble off plumb obstructionists are "finding their way" at a flippen place called...
ahem..."Kingsmill" rotfl

[WhereisOT]

Oh...my bad.... the bigots, look down on all but their keepers, Economy destroying, We the People destroying numbnuts of the gop are hanging out and being trained up in how to better fake being human in a room named after a slave owning rich family...
"Burwell Plantation" room...lol

Bet the place still has Mirrors...Not that the obstructionists give a sh**..
Look deep inside, and still refuse to admit what you are, what you Truly stand for....which ain't much..So continue to lie to yourselves..
Then make plans to steal future elections...and attack, use messages of hate/fear, Obstruct, spew NONfacts & sling bullsh*t from sea to shining sea...

As the World watches with eyes wide and jaws on the ground..
The Peoples thinking....and that fricken place is supposedly the greatest Nation on Earth, With those nutjobs in the way, how can that be....why are those "others", those bigots, those obstructionists, those militants...so crazy and dumb and embarrassing....
And besides the rich, just what the hell else do they stand for..

[TJphoto]

Mr. Ryan, How long have you been in Congress? What's that, since 1998! How much have your votes contributed to this outrageous deficit? What's that! You don't want to take responsibility. Well how about naming some members of Congress who will. What do you mean that you can't find anyone who will stand up? I'm Shocked!!!!!!!!!!!!

[nearl451]

Not much of an idea is it?

The funny thing about massive spending cuts is it will not help but hurt the short and medium term economy. May help the long term economy.

The tax increases that were part of the cliff were more effective and had a lesser negative effect on the economy. So what exactly was so egregious about thecliff and sequester again?

[nearl451]

Then we can talk about it next month and the next and the follow up the next and next and next and next.

This is plain goofy.

[WhereisOT]

The party of stupid who have done nothing for the American People (because they despise the American People) gathering the herd at one location...are guns allowed?

"that will hurt the country, that will hurt the economy"..
said the rape is great "leader"...

So have the wizards of lies and smoke & mirrors & Destroy the Peoples Government figured WHAT has brought this Nation and its People to their knees over many many years...
There be Mirrors on the plantation...

[sjc_1]

Ryan and the Republicans have had 18 months since the last debt ceiling stand off to come up with revenue and spending plans, we have nothing from them. They run the House and the House is in charge of spending and revenue.

[Filmguy870]

What an azz. The whole bunch of 'cons.

[cheapster512]

could n;t do it in 8 years couldn't do it in twelve years couldn;t do it in special committee what make him think one month and a difference will make ? in one mot5hs time same o same o