WASHINGTON — Speaker John Boehner (BAY'-nur) says the GOP-controlled House will "do its job" and pass legislation to lift the nation's borrowing cap and keep the government running, but will insist that Democrats accept new spending controls.
Boehner acknowledged Monday that failing to lift the so-called debt ceiling would have bad consequences. But he also said that "allowing our spending problem to go unresolved" would be just as troublesome.
Without congressional action, the government would have to default on its obligations, a prospect that could send markets into a spiral and do broader harm to the fragile economy.
The Ohio Republican's statement came after President Barack Obama told reporters he was willing to negotiate on the budget but wouldn't allow the debt ceiling to be held captive in the process.
- 2 cops in New York City ambushed, fatally...
- The Associated Press' top 10 movies of the year
- Police boss: NYC cops 'quite simply,...
- NYPD: Cop ambush killer told passers-by to watch
- 9 films advance in Oscars shortlist for best...
- 'Hobbit' goes out on top with $90.6 million...
- What people never mention when they talk...
- Christmas 1914: The day even WWI showed humanity
- Obama: US re-establishing diplomatic... 49
- Vermont governor abandons single-payer... 32
- A post-election flurry: Obama tests his... 16
- Police boss: NYC cops 'quite simply,... 16
- Forget Santa Claus, Virginia. Was there... 16
- Sony cancels 'The Interview' Dec. 25... 15
- NYC premiere of Rogen film 'The... 8
- NYPD: Cop ambush killer told passers-by... 8