House Republicans are moving toward a vote on a six-week extension of the nation’s debt limit as a way to buy time for more negotiations with President Obama.
GOP leaders discussed the proposal with their members at a conference meeting, with some aides saying a vote could come as soon as Thursday.
It is not clear if the hike to the $16.7 trillion debt limit would be completely “clean,” meaning it would not demand concessions from Democrats. A clean hike would mark a significant concession to the White House.
It’s also unclear if the legislation would end the government shutdown that began its 10th day Thursday and has led to lower public approval ratings for Republicans.
Rep. Vern Buchanan (R-Fla.) said the Republican conference was divided on whether the measure should also allow the government to reopen.
Stocks soared on the news, with the Dow Jones average rising more than 180 points in early trading.
The administration has set an Oct. 17 deadline for raising the debt ceiling, and Treasury Secretary Jack Lew warned senators Thursday a new recession could set in if the limit is not raised.