The New York Times
Monday, July 25, 2011 -- 2:48 PM EDT
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House Leaders Call for Short-Term Rise in Debt Ceiling
House Republicans intend to push for a vote this week on a two-step plan that would allow the federal debt limit to immediately rise by about $1 trillion and tie a second increase next year to the ability of a new joint Congressional committee to produce more deficit reduction.
Top Republicans were to try to sell the proposal to their rank-and file in a crucial meeting Monday afternoon as House Republicans and Senate Democrats readied competing plans in an effort avoid a federal default next week.
The proposal would cut current spending and put legal limits on future spending, saving what Republicans estimate to be about $1.2 trillion over 10 years. The plan calls for no new revenue.
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http://www.nytimes.com/2011/07/26/us/politics/26fiscal.html?emc=na
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