WILLIAMSBURG, Va. — Paul Ryan said here Thursday that House Republicans are considering a short-term debt limit extension to avoid default and improve the lower chamber’s standing in other pressing fiscal negotiations with the Senate and the White House.
The Budget Committee chairman and former vice presidential candidate spent the morning in sessions with fellow members of the GOP caucus at their annual retreat. Attendees were educated on the consequences of failing to meet three fast-approaching deadlines to raise the government’s borrowing limit, continue to fund the government and address mandatory spending cuts.
GOP House members have pointed to their role in raising the debt ceiling as leverage in forcing President Obama’s hand on spending cuts. Earlier this week, the president accused his opponents of holding the full faith and credit of the United States ransom, and said he would not negotiate on this front. Many Republicans, feeling pressure from the financial markets, appear to be coming to terms with the perils attached to failing to extend the debt ceiling.
The GOP conference has been in meetings this week at a resort here to discuss how to move forward on budget issues during the next 90 days, as well as examining failures of the past election and priorities for the 113th Congress.
In a conversation with reporters, Ryan suggested that holding the debt limit captive now might stunt progress on getting the debt itself under control. The worst thing for the economy, Ryan said, would be if Congress did nothing to help control the debt and deficits, and moved past the upcoming fiscal deadlines without taking serious action.