House GOP caves, extends govt’s borrowing authority 3 months

House GOP caves, extends govt’s borrowing authority 3 months

House Republicans Friday backed off threats to force a government default if Democrats did not approve deep spending cuts next month — handing President Obama another victory over conservatives in Congress.

The Republicans said they would agree to extend the government’s borrowing authority for three more months, when the existing borrowing limit is reached next month.

House Republican leaders like House Speaker John Boehner (R-Ohio) had been demanding spending reductions in exchange for letting the government borrow more money.

But the President said that was unacceptable — setting up the possibility of a deadlock that would have left the government unable to pay its bills, shaking financial markets and cratering the economy.

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