Lawmakers Plan To Raise Debt Limit With 12th Feb Vote

The House plans to vote Feb. 12 to increase the U.S. debt limit and restore cost-of-living raises for military retirees, said Representative Robert Pittenger of North Carolina.

The plan was announced in a closed-door meeting of House Republicans, Pittenger told reporters today in Washington. The debt limit would be raised until March 2015, said Republican Representative Joe Pitts of Pennsylvania.

The military retirees’ cost-of-living adjustments had been reduced in a December budget deal. Republicans would pay for the restored benefits by extending cuts in programs including Medicare for one year.

As the party struggles to gather votes for raising the debt ceiling before borrowing authority runs out, Treasury Secretary Jacob J. Lew today took steps to keep the U.S. under the debt ceiling and urged Congress to raise the limit to avoid “potentially catastrophic consequences.”

Bloomberg

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