It will raise the federal debt ceiling by $900 billion, enough for the United States to pay its bills through February.
A congressional panel would also be mandated to find another $1.8 trillion in budget cuts before the end of the year. Democrats have vowed to defeat the measure in the Senate despite proposing similar levels of cuts. At a news conference, Boehner urged lawmakers to support his bill.
House Speaker John Boehner: *”I’ve never said it was perfect. Nobody in my caucus believes it’s perfect. But what this bill reflects is a sincere, honest effort to end this crisis in a bipartisan way, to send it to the Senate, where it can receive action. Throughout this debate, we’ve promised the American people that we’d cut spending more than what we would increase the debt limit. And we also said that we would not entertain any increases in taxes.”*
Boehner is expected to attempt a new vote today. At the White House, Press Secretary Jay Carney said a compromise will have to be struck for a deal before Tuesday’s deadline.
White House Press Secretary Jay Carney: *”We remain confident that, as these hours churn on and the days go by, that we will get to that point, and that compromise will be reached. But it is—we are not the only actor in this play, and we need to make sure that others understand the stakes and are willing to reach that compromise. We’re confident they will.”*