WASHINGTON (Reuters) - A House Republican spending bill would include a provision designed to prevent a devastating debt default if Congress does not raise the debt ceiling on time, lawmakers said on Wednesday.
Although the legislative language has not been finalized, the spending bill would also instruct the Treasury Department to prioritize its debt payments in the event of a government default.
President Barack Obama's administration has warned Congress that it must raise the debt limit before mid-October or there will not be enough revenue for government payments including debt payments.
(Reporting by Rachelle Younglai; editing by Christopher Wilson)
- Politics & Government
- President Barack Obama