A separate aide, who was also briefed on the meeting, said Republican leaders pushed for an 18-month debt limit hike before floating six months. Hard-right conservatives have long opposed raising the debt limit unless it is accompanied by spending cuts. If Congress does not raise the debt limit, the US will run out of money to pay its bills. Economists have said the effects of a debt limit breach would be catastrophic, with some suggesting a collapse worse than the financial crisis of 2007-08. Republican leaders had planned to tie a longer-term debt limit increase to funding for Hurricane Harvey victims, in a bid to bring more of their members on board.

Source: The Guardian September 06, 2017 20:04 UTC