Eschewing a deal with Democrats for the moment, House Republicans are rallying behind a balanced budget amendment bill that would cut and cap federal spending.House Majority Leader Eric Cantor announced this morning that the GOP will bring a vote on the bill, which has virtually no chance of being passed by the Democrat-controlled House but will allow Republican House leaders to say they have acted to increase the debt limit and avoid default.
The “cut, cap, and balance” plan would authorise a $2.4 trillion increase in the debt ceiling after Congress passes a balanced budget amendment to the U.S. Constitution.
The vote, expected sometime next week, is really just a way for House Republicans to symbolically state their position, while the real debt ceiling negotiations continue between Congressional leaders and the White House.
No negotiations are scheduled for today. Obama will address the status of the debt talks at a press conference today at 11:00 a.m. Check back for our live blog.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.