us house GOP retreats from debt battle

Associated Press

WASHINGTON

Unwilling to spook the markets and divided among themselves, House Republicans backed away from a battle over the government’s debt limit Tuesday and permitted President Barack Obama’s Democratic allies to drive quick passage of a measure extending Treasury’s borrowing authority without any concessions from the White House.

The 221-201 vote came hours after Speaker John Boehner announced that his fractured party would relent.

Just 28 Republicans voted for the measure, including Boehner and his top lieutenants. But 193 Democrats more than compensated for the low support among Republicans.

Senate Democrats hoped to vote on the legislation as early as Wednesday and send it to Obama for his signature.

The move was denounced by many conservative groups but came after most Republicans in the House made clear they had no taste for another high-stakes fight with Obama over the nation’s debt ceiling, which must be raised so the government can borrow money to pay all of its bills.

The bill would permit the Treasury Department to borrow normally for another 13 months, putting off the chance of a debt crisis well past the November elections and providing time for a newly elected Congress to decide how to handle the issue.

Just Monday, Republicans suggested pairing the debt measure with legislation to roll back a recent cut in the inflation adjustment of pension benefits for working age military retirees. Democrats insisted on a debt measure completely clean of unrelated legislation.