BREAKING NATIONAL NEWS — Backing down, House GOP offers 3-month debt extension
By Peninsula Daily News, via New York Times News Service
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The agreement, reached in closed-door negotiations at a party retreat in Williamsburg, Va., was a tactical retreat for House Republicans, who were increasingly isolated in their refusal to lift the debt ceiling.
Speaker John A. Boehner of Ohio had previously said he would raise it only if paired with immediate spending cuts of equivalent value.
The decision by Republicans seemed to significantly reduce the threat of a federal government default in coming weeks and was welcomed by Senate Democrats. The House will consider the plan next week.
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Last modified: January 18. 2013 11:14AM