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GOP Leadership Scraps Study Committee Debt Limit Proposal

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With just seven legislative days for Congress to figure out a plan before the Department of Treasury hits its borrowing limit, the Republican Study Committee’s debt-limit proposal that was expected to be brought to the House floor for a vote Friday is now in a state of limbo.

The Terms of Credit Act would increase the debt ceiling by $1.5 trillion dollars to $19.6 trillion to last until March of 2017, but the measure seems to be failing to garner the support it needs to pass the House.

A leadership aide told The Daily Caller News Foundation there are no plans to take up the measure this week, and the reconciliation bill is the only legislation scheduled for a vote.

“That particular proposal was floated by the RSC, and was an opportunity for leadership to take the pulse of the conference as we assess all of our options, which we continue to do,” the aide said.

The pressure is on for lawmakers to conjure up a solution before the government runs out of money to meet its financial obligations. Treasury Secretary Jack Lew pushed up the deadline by two days to Nov. 3, warning members if the ceiling isn’t raised, it could have a detrimental impact on the global economy.

House conservatives are pushing against voting for any measure that doesn’t include major spending reforms. Democrats, the Treasury Department and the Obama Administration are calling for a bill without major spending cuts.

The RSC’s proposal would likely be vetoed by the White House and face difficulties making it through both the House and Senate in its current state.

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