Raising the U.S. Debt Ceiling a possibility.
Raising the U.S. Debt Ceiling a possibility
After weeks without any hint of a potential compromise between the Obama administration and congressional Republicans over raising the nation's debt ceiling, the White House may be offering a compromise that could lead to a deal to stop a potential default on October 17th. The president will accept a short-term debt ceiling increase in order to get past the potential crisis when the government hits the $16.7 trillion borrowing limit. A short-term increase would give R’s and D’s some breathing room, but by itself would not address the issues preventing an agreement. The last big confrontation over the debt ceiling, August 2011, ended with an 11th-hour agreement under warnings of an economic catastrophe if there was a default. Obama said he is open to talk about his healthcare plan, but only after Congress approves measures to end the government shutdown and raise the U.S. debt ceiling.