Short Term Republican Proposal Being Considered To Avert U.S. Default

wash mAfter ten days of government shutdown and only seven days left to raise the looming debt ceiling deadline, new signs of progress is beginning to emerge on Capitol Hill between Republicans and Democrats over the fiscal impasse that could lead to a compromise.

House Republican leaders on Wednesday decided to propose a short term plan to raise the U.S. debt limit for 4-6 weeks that could allow for more fiscal policy changes to be made with the budget as the threat of a default grows closer and Americans grow increasingly frustrated over the political stalemate.

The exact details of the Republican short-term proposal have not yet been revealed  and could surface as early as Thursday.

However, more Republican leaders on Capital Hill are quietly distancing themselves from past attempts by House Republicans to raise the debt ceiling and re-open government only through approving legislation that delays Obamacare for one year.

More pragmatic minded Republicans leaders are coming into the picture by introducing fiscal policy reforms instead of pinned up edicts about the implementation of Obamacare.

Paul Ryan (R-Wisconsin), chairman of the House Budget Committee, wrote a recent op-ed article, Here’s How We End This Stalemate that was published on Wednesday in the Wall St. Journal.

Ryan wrote about ways to reduce the U.S. debt through reforming the tax code and Medicare while pushing for changes with entitlement programs.

Senator Mitch McConnell (R-Kentucky) is also weighing support among Republican Senators to raise the debt ceiling temporarily and reopen the government in exchange for specific policy proposals.

President Obama has said he won’t agree to sign a debt limit increase if conditions are attached so it still remains unclear whether  Republican short term proposals loaded with conditions are capable of gaining any traction among Democrats and the White House in particular.

A new Republican proposal on Wednesday was  put to the table of Republican senators by Senator Susan Collins of Maine that re-opens the U.S. government by repealing the controversial medical device tax and giving federal agencies more latitude to deal with  future sequester spending cuts.

President Obama met with House Democrats at the White House on Wednesday and will meet on Thursday with 18 House Republican leaders to discuss the fiscal stalemate.

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