Debt Battle Looming In The House Of Representatives
Republican legislators took control of the House of Representatives on November 4, vowing to slash federal spending. The temperature on Capitol Hill is heating up, as Congress is set to raise the country's debt limit.
The national debt is currently more than $13.7 trillion and is likely to approach $14.3 trillion by the year's end.
"Increasing the debt limit allows our government to meet its obligations," John Boehner, the new republican Speaker of the House, told ABC News. "I think we're going to have to demonstrate that we've got to have reductions in spending. The government's spending more than what we bring in. We can't afford it."
Last year, the Senate voted to expand the national deficit. However, votes fell along party lines with 60 Democrats supporting the bill and 39 Republican votes of decent, the news source says. The Democratic majority in the Senate is expected to fall to 53 by the next vote.
President Barack Obama's bipartisan commission, which had hoped to achieve a plan to cut the national debt by one-third by 2015, is also unlikely to reach a consensus by its December 1 deadline.
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