US House Republicans propose temporary short-term debt ceiling increase

U.S. House Speaker John Boehner said Thursday that Republicans planned to offer a temporary short- term debt ceiling increase to negotiate with Democrats, a major breakthrough to solve the fiscal impasse that has resulted in a partial federal government shutdown. "What we want to do is to offer the president today the ability to move, a temporary increase in the debt ceiling, in agreement to go to conference on the budget," Boehner said at a press conference. Republican leaders are expected to discuss the details with U.S. President Barack Obama later in the day to negotiate over reopening the federal government and budget issues. "That's a conversation we're going to have with the president today. And I don't want to put anything on the table. I don't want to take anything off the table," Boehner added. U.S. Treasury Secretary Jacob Lew has told Congress that the federal government will reach its debt limit of 16.7 trillion U.S. dollars by Oct. 17, and failure to raise it would lead to a catastrophic default. Christine Lagarde, managing director of the International Monetary Fund, also warned Thursday that U.S. failure to lift the debt ceiling would damage the U.S. and global economy.