Reid Won’t Set Preconditions on Debt Limit Increase

Majority Leader Harry Reid (D-NV) said today “he is not ‘drawing any lines in the sand’ about what must be included in a deal to raise the debt ceiling except to say it must ‘prove that we’re willing to do something’ about the ever-growing debt,” CNN reports.

Most Republicans and many Democrats on Capitol Hill have vowed not to raise the borrowing limit unless it is tied to strict reforms to rein in spending and shrink the deficit.

Reid said he supports a "deficit cap" similar to one the White House recently proposed. It would trigger spending cuts "if by 2014, budget projections do not show that the debt-to-GDP ratio has stabilized and is declining in the second half of the decade," according to a White House summary.

Those spending cuts would not apply to entitlement programs like Medicare and Medicaid, something many Republicans might oppose.

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Filed under Debt Ceiling, Party Leadership

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