News Summary: House GOP seeks to avoid debt crisis

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Associated Press

Posted on January 23, 2013 at 1:02 PM

BLAME GAME: With tacit support from President Barack Obama, House Republicans tried to defuse a potential debt crisis with legislation to prevent an economy-rattling fiscal crisis for at least four months.

FIGHT ANOTHER DAY: Pending GOP legislation marks a tactical retreat by House Speaker John Boehner, R-Ohio, who wants to avoid a first-ever default on U.S. payment and debt obligations as he wrestles with Obama and his Democratic allies over taxes, spending and the deficit.

TRIANGULATION: The move would give the government enough borrowing leeway to meet four months' worth of obligations, delaying a showdown next month that Republicans fear they would lose. Senate Majority Leader Harry Reid, D-Nev., said the chamber would immediately move to advance the legislation to the White House, which has announced Obama would sign it.

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