U.S. Stocks Pare Drop as Republicans Mull Debt-Limit Plan
U.S. stocks pared losses as House Republicans were said to consider a “very short-term” debt- limit increase to keep the government funded through April 15.
The Standard & Poor’s 500 Index was down 0.15 percent at 1,478.65 as of 11:23 a.m. in New York after slipping 0.3 percent earlier. The Dow Jones Industrial Average was little changed at 13,596.75 after losing 21 points.
A member of the U.S. House Republican leadership said consensus is growing among party members to craft “a very short- term” debt-limit increase to try to force the Senate to adopt a budget.
A debt-limit increase probably would last “until the time” the Senate is supposed to pass a budget, Representative Kevin McCarthy said in an interview with Bloomberg Television’s “Capitol Gains” program airing Jan. 20. The deadline for the Senate to pass its budget is April 15, McCarthy said.
The Treasury Department has said the U.S. will exceed its $16.4 trillion borrowing authority sometime from mid-February to
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