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By IBTimes Staff Writer: Subscribe to IBTimes's RSS feed | January 18, 2013 6:29 PM GMT
U.S. House Speaker John Boehner, R-Ohio, said Friday there should not be a long-term increase in the debt ceiling until the U.S. Senate passes a budget.
“We are going to pursue strategies that will obligate the Senate to finally join the House in confronting the government’s spending problem. The principle is simple: no budget, no pay," Beohner said, in excerpts from his House GOP retreat remarks.
“A long-term increase in the debt limit that is not preceded by meaningful and responsible reductions in government spending might avert a default, but it would also invite a downgrade of our nation’s credit that damages our economy, hurts families and small businesses, and destroys jobs,” Boehner said.
The U.S. Senate has not approved a formal budget resolution in about four years, with Congress relying on stop-gap funding measures, called "continuing resolutions," to keep the U.S. government operating.
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