Boehner rewrites his bill, conservatives climb on
By CHARLES BABINGTON and DONNA CASSATA
Associated Press
WASHINGTON (AP) -- House Speaker John Boehner hastily rewrote his stalled debt-limit bill again Friday, and former conservative foes began climbing aboard. Senate Democratic leader Harry Reid signaled he's ready to push ahead with his own version, and President Barack Obama declared "we're almost out of time" in a wrenching political standoff that has heightened fears of a market-rattling government default.
"The power to solve this is in our hands on a day when we've been reminded how fragile the economy already is," the president said from the White House as many U.S. stocks fell in response to a sour report on economic growth and widespread uncertainty over the Washington debt stalemate. "This is one burden we can lift ourselves. We can end it with a simple vote."
A simple vote was hard to come by, just a few days before Tuesday's debt-limit deadline.
On Capitol Hill, Boehner revised his measure and made inroads with reluctant rank-and-file conservatives who have argued that the deficit cuts it contained were insufficient in exchange for a debt limit hike. The leadership pushed toward a late Friday vote.
Rep. David Dreier of California said the revised measure would still raise the nation's debt limit by $900 billion - essential to allow the government to keep paying its bills - and cut spending by $917 billion. But a later increase in borrowing authority wouldn't take effect unless Congress sent a constitutional balanced budget amendment to the states for ratification.
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