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Republican House Speaker John Boehner reportedly told a colleague that he will avoid a default on federal debts even if he must secure Democratic votes to do so, suggesting that an end to the government shutdown is in the near future.
Since Republicans refused to pass a bill to continue funding the government without defunding the Affordable Care Act, President Barack Obama has remained resolute in his position, locking Democrats and Republicans in a dispute and sending the United States into a shutdown, says Bloomberg News.
But Boehner has reportedly suggested to a colleague that releasing Republican’s stronghold on the Affordable Care Act might be the only way to avoid another economic recession as we approach the federal debt ceiling. The Washington Post reports that Boehner is waiting to publicly announce his position until he gauges the Republican response.
However, many fear the effects on the American economy if he waits too long.
Treasury Secretary Jack Lew said, “As we saw two years ago, prolonged uncertainty over whether our nation will pay its bills in full and on time hurts our economy [...] Postponing a debt-ceiling increase to the very last minute is exactly what our economy does not need--a self-inflicted wound harming families and businesses.”
As of Wednesday, 19 Republicans reported that they would support a bill to fund the government again. Combined with the 200 votes of House Democrats, this would be sufficient to pass a bill to continue funding the government. If Boehner allows such a vote to advance, it would break the unwritten Republican “Hastert Rule,” which denies any vote on floor that is not supported by a Republican majority.
Economists speculate that the government will run out of money to fund the country by October 17 if the debt ceiling remains where it is.