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Budget, Debt Limit Hike Update: Oct. 10, 2013

Ryan proposes six-week debt limit increase with cuts, promise of tax, entitlement changes. Ahead of a White House meeting today, House Budget Chairman Paul Ryan (R-Wis.) floated a plan to temporarily increase the debt limit in exchange for dollar-for-dollar cuts and a promise of future changes to the tax code and in entitlement programs. The plan calls for a six-week, $118 billion debt limit increase with equal budget cuts. Before the increase is approved, however, both chambers would have to agree to overhaul the tax code and entitlement programs during those six weeks and pass them, along with a long-term debt limit increase, when the six-week period expires. The plan also would include a bill to require the Treasury to pay interest on debt first when the debt limit is hit. Finally, it would have some enforcing trigger, although the specifics were not announced, nor were the specifics of the cuts Ryan is seeking. Of note, it is unclear whether it has broad support from the Republican Conference.

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