The White House is preparing to ask Republican lawmakers to lift the federal debt ceiling on Wednesday, after the Treasury Department and Congress failed to reach agreement on a short-term debt-limit increase.
President Barack Obama said he would ask lawmakers to reopen the debate over raising the debt ceiling and the White House on Monday was preparing to release a White House plan to lift it.
The Treasury Department on Monday said it was preparing the plan to send it to Republican lawmakers for their consideration.
The Treasury Department says it would like to raise the debt limit as soon as possible, but it needs Congress to agree to a debt ceiling increase before it can do so.
Obama said the administration is working with Republican lawmakers and Treasury officials to come up with a plan that will raise the U.S. debt limit by the end of March, which he said would be a “good outcome.”
He said it’s important for Republicans to work with Democrats to ensure that the debt-ceiling debate is not bogged down by politics and that it’s focused on making sure our country’s economy and people’s lives are secure.
He also said he and other top Republican lawmakers have discussed ways to increase the debt limits to make sure the economy and the jobs that Americans rely on are protected.
On Monday, the White.
House.com website said it had been “working on a bipartisan proposal” that would raise the federal borrowing limit by $10.5 trillion.
The website did not say whether the plan included an extension of the debt ceilings, which are set to expire March 16.
Obama has said he wants to raise all the borrowing limit to $16.7 trillion by the first quarter of next year, and he has repeatedly said that he wants the government to stay open until at least that point.
The GOP-led Congress, which is controlled by the GOP-controlled House of Representatives, has repeatedly voted against any increase of the borrowing limits.
Obama, who is seeking re-election in November, said in an interview Sunday on CBS’s “Face the Nation” that Republicans should be more willing to compromise.
“I don’t think that the parties are necessarily on the same page,” Obama said.
“I don, personally, believe that the people of this country have the right to be able to vote to keep their government open if they want to.”
He added that he doesn’t expect the U