House Republicans seek $1 trillion debt limit hike

Reuters News
Posted: Jul 25, 2011 1:08 PM
House Republicans seek $1 trillion debt limit hike

WASHINGTON (Reuters) - Republicans in the House of Representatives will push legislation to cut $1.2 trillion in spending over 10 years and provide a short-term, $1 trillion increase in U.S. borrowing authority, according to a Republican aide.

House of Representatives Speaker John Boehner, who is crafting the legislation, also wants to trigger automatic deficit-reduction cuts if spending exceeds caps created by the legislation, according to the aide.

President Barack Obama is opposed to a short-term debt limit increase and instead wants about $2.4 trillion in new borrowing authority, which would extend through 2012.

(Reporting by Andy Sullivan)