[candymosh]

House To Vote On Debt Limit Tuesday

Updated: Sunday, 29 May 2011, 2:44 PM CDT
Published : Sunday, 29 May 2011, 2:44 PM CDT

(NewsCore) - WASHINGTON -- House Majority Leader Eric Cantor (R-Va.) announced Sunday that lawmakers will put a straight, up-or-down debt limit increase to a vote on the House floor Tuesday night, FOX News reported.

The bill -- which would raise the debt limit by $2 trillion and is not accompanied by any spending cuts -- is expected to fail.

The tactic of pushing a straight up-or-down vote on increasing the nation's debt ceiling was first brought up by Republicans in April as a way to show congressional Democrats and the Obama administration that increasing the debt limit would not be possible without attaching spending controls to the measure.

Republican lawmakers are holding the vote after 6:30pm ET to ensure that the markets are closed and cannot react negatively in real time to a failed vote. In September, 2008, markets fell precipitously as the TARP bill failed on the House floor.

President Barack Obama has invited all Democratic and Republican members of the House of Representatives to the White House next week for separate meetings on the debt limit and budget.

House Republicans will meet with the president Wednesday morning while the House Democratic Caucus will meet with him Thursday afternoon.

Republicans have said they will not support an increase in the country's $14.29 trillion debt limit without attaching measures to rein in federal government spending.

The debt limit was officially reached earlier this month although Treasury Secretary Timothy Geithner has said the Treasury has the ability to juggle assets to avoid a government default until Aug. 2.

Read more: http://www.myfoxhouston.com/dpps/new...#ixzz1NqONwpLA

[mwt77932]

They are eventually going to cave in and raise the limit. The American way is to mortgage the future now and let the next generation deal with the problem.