House approves GOP bill extending debt limit
WASHINGTON (AP) - Republicans have muscled legislation to extendthe government's borrowing authority and cutting spending throughthe House over solid Democratic opposition.
The 218-210 vote sets up a confrontation with theDemocratic-controlled Senate and President Barack Obama, who saythe GOP-written measure will die in the Senate. They say the billwould wreak economic havoc because it would force lawmakers to voteon another extension of the debt ceiling early next year, in theheat of presidential and congressional campaigns.
Administration officials say Congress must find a compromise toraise the debt ceiling by Tuesday or the government will run out ofcash to pay its bills. That could prompt an unprecedented federaldefault, which could rattle the economy with shocks such as higherinterest rates.