Washington (CNN) — House Republican leaders said Thursday they will propose a temporary increase in the nation’s borrowing limit — a first step toward a potential compromise to end the political stalemate that has shut down parts of the government and threatens a U.S. default as soon as next week.
After meeting with his caucus, House Speaker John Boehner said Republicans want substantive talks with President Barack Obama and Democrats on reducing the nation’s chronic federal deficits and debt in return for removing the immediate threat of default.
Sources said the House GOP measure would extend the debt ceiling until November 22.
Boehner said the proposal that could be voted on by the House as soon as Friday would offer the temporary increase in the debt ceiling.
In exchange, he wants Obama “to sit down and discuss with us a way forward to reopen the government and to start to deal with America’s pressing problems.”