56°
Cloudy
WED
 82°
 54°
THU
 82°
 55°
FRI
 82°
 55°
SAT
 86°
 55°
SUN
 83°
 55°

John Boehner offers debt extension; interim resolution?

Yet it seemed the endgame was at hand in the crises that have bedeviled the divided government for weeks, rattled markets in the U.S. and overseas and locked 350,000 furloughed federal workers out of their jobs. Both sides expressed fresh hopes for a resolution soon.

The up-and-down day also featured a dour warning from Treasury Secretary Jack Lew, who told lawmakers that the prospect of default had already caused interest rates to rise — and that worse lay ahead.

Appearing before the Senate Finance Committee, Lew said the Treasury must pay Social Security and veterans benefits as well as salaries to active duty military troops during the second half of this month. He said failure to raise the $16.7 trillion debt limit by Oct. 17 "could put timely payment of all of these at risk."

Senate Majority Leader Harry Reid advanced legislation to simply raise the debt limit and stave off the threat of an unprecedented federal financial default — a measure that Republicans are likely to block unless he agrees to change it.

Across the Capitol, Boehner left open the possibility of launching a rival measure in the House on Friday.


© The Press Democrat |  Terms of Service |  Privacy Policy |  Jobs With Us |  RSS |  Advertising |  Sonoma Media Investments |  Place an Ad
Switch to our Mobile View