Tags: Debt Showdown | House

House Republicans to Change Stalled Debt Bill

Friday, 29 Jul 2011 11:23 AM

WASHINGTON (AP) — House Republicans say they will change stalled legislation to avoid a national default in hopes of gaining the votes needed to pass it as early as Friday.

Rep. David Dreier says the measure will still raise the country's borrowing authority by $900 billion and cut spending by $917 billion. But a second increase in the debt limit wouldn't take effect unless Congress sends a constitutional balanced budget amendment to the states for ratification.

That was a key demand of rebellious conservatives who withheld their votes from the legislation on Thursday night.

There is no immediate word on when the House will vote on the revised bill. The government faces the prospect of an economy-shaking default if Congress doesn't raise the debt limit by Tuesday.

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