FOXNews.com: House to vote Wednesday on raising debt limit

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House to vote Wednesday on raising debt limit Jan 22nd 2013, 01:50 Published January 21, 2013 Associated Press WASHINGTON –  Republican officials say the U.S. House of Representatives will vote Wednesday on an increase in the nation's debt limit, a move designed to prevent a first-ever government default. The vote marks a change in strategy for House Republicans, who run the chamber. They want reduced government spending but decided not to use the debt limit to trigger a confrontation with President Obama. Instead, they have said raising the debt limit will require the House and Senate to approve budgets that call for spending cuts, with pay withheld for lawmakers in either chamber that failed to do so. The current debt limit is $16.4 trillion. Aides said they didn't know how big an increase would be contained in the legislation, but it is expected to accommodate borrowing for three months.

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