GOP leaders struggle to find votes to up debt limit

Associated Press

WASHINGTON

Congressional Republicans say they are short of the votes for raising the debt limit and avoiding the first government default in history. With barely a week before deadline, there’s no plan on what to do.

It’s a huge problem for House Speaker John Boehner and a potential nightmare for his successor-in-waiting, Rep. Paul Ryan, R-Wis.

GOP leaders promised Friday that the House will act next week – just days from a Nov. 3 deadline. Increasing the government’s $18.1 trillion borrowing cap so that it can continue to pay its bills in full and on time would prevent a potential meltdown in the financial markets and save the Republican Party from presiding over a default on U.S. obligations.

Treasury Secretary Jacob Lew has warned lawmakers that the government’s ability to use accounting steps to pay its bills for veterans, Social Security recipients, federal employees and others will run out early next month.

“The debt limit will have to be raised, but we’ve got to do something to deal with it for the future,” said Majority Leader Kevin McCarthy, R-Calif. “We’ve got a lot of ideas cooking.”

But in the same breath, House GOP leaders warn that they can’t summon even minimal support for the kind of debt limit increase demanded by President Barack Obama – one that’s free of any concessions to hard-line conservatives. They are still holding out hope for some kind of add-on to make the politically toxic vote more palatable.