WILLIAMSBURG, Virginia The U.S. House of Representatives will consider a bill next week to extend the debt limit by three months in order to force the Senate to pass a budget, Republican House Majority Leader Eric Cantor said on Friday.
"Next week, we will authorize a three-month temporary debt limit increase to give the Senate and House time to pass a budget," Cantor said in an emailed statement.
"If the Senate or House fails to pass a budget in that time, members of Congress will not be paid by the American people for failing to do their job. No budget, no pay," he said on the last day of a House Republican retreat in Williamsburg.
(Reporting By Rachelle Younglai)
Trending On Reuters
What seemed like a possibility for the Nifty to cross the 8,000 mark just two weeks ago has now turned out to be a far-fetched dream. A 7,950-8,000 range could be used to book partial profits and re-enter closer to 7,750-7,800 for the next couple of weeks. The next big trigger would be the arrival of monsoons, writes Ambareesh Baliga. Read