WASHINGTON (CBSMiami) – Republicans in Congress are set to take the nation’s credit rating hostage again in the next few weeks.
The nation is about to run up against its debt limit in mid to late February and the GOP-led House of Representatives is saying it will send the nation into the credit abyss if it doesn’t get its way.
“I won’t support a debt limit increase unless it is partnered with policies that will either reduce the deficit or help grow the economy,” said Indiana Republican Luke Messer, according to Reuters.
The plan is exactly the same that has been ongoing since 2010. Prior to that year when the GOP took over the House, most of the time the debt limit was hiked without much hullabaloo. The debt limit is to pay for bills already incurred by Congress, not future bills.
A House-leadership aide said that a “clean” increase can’t pass the House. However, House Speaker John Boehner has repeatedly said he won’t risk the nation’s credit if there’s a choice.
The House is expected to weigh a range of options to demand for a debt limit increase including: more offshore drilling, changes to the Affordable Care Act, approval of the Keystone XL pipeline, and other items are all possibilities.
Economists have said that a debt default could have a catastrophic effect on the U.S. and global economy and could spark a global depression.