House Speaker John Boehner’s office said he will unveil a plan today to prevent a default on the U.S. debt while cutting spending and denying President Barack Obama a “blank check” to borrow more money without trimming expenditures.
In a blog post on his website, Boehner’s staff wrote that his plan “is aimed at stopping President Obama’s indefensible quest for a debt-limit increase that would run past the next election without a process in place to ensure spending is being cut as the debt ceiling is being raised.”
The plan Boehner is proposing would provide an immediate debt-ceiling increase of about $1 trillion, accompanied by the same level of spending cuts, and charge a congressional committee with devising more debt savings before the president is granted additional borrowing authority. The speaker is to brief House Republicans on Capitol Hill this afternoon.
Obama, who has requested a $2.4 trillion increase in the $14.3 trillion debt ceiling to last into 2013, has said he would veto such a plan, arguing that it would lead to economic uncertainty.