House Speaker John Boehner (R-Ohio) said Thursday that he would negotiate a debt-ceiling increase with spending cuts, potentially setting up another fight with President Barack Obama and congressional Democrats.
"Well, you know, I could say the sun's not going to come up tomorrow, but guess what? It is. So the president can say,
'I'm not going to negotiate on the debt limit.' Get over it," he told CNBC, in an interview scheduled to air later Thursday. "We're spending more money than what we're bringing in. We have to deal with this problem. And if we're going to raise the debt limit then we've got to do something about what's causing us to spend more money than what we bring in."
"So guess what? We're going to have a debate and we're going to have a negotiation," said Boehner.
Boehner's comments could set up a repeat of 2011, when House Republicans used raising the debt ceiling to extract spending cuts, which resulted in across-the-board cuts known as sequestration. However, the next time around, in January, the House voted to suspend the debt ceiling until May without concessions.
Because of cash flow, Treasury Secretary Jack Lew has anticipated that the United States government will not need new borrowing authority until Labor Day to meet its obligations.
Until 2011, both parties historically had raised the debt ceiling without linking it to other spending priorities.
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