Boehner to ask Congress for short-term debt increase

Speaker of the House John Boehner will reportedly ask fellow Republicans in his chamber of Congress to approve a short-term increase of the debt ceiling, according to GOP aids who spoke with the Associated Press.

The AP reported early Thursday that Rep. Boehner (R-Ohio) will begin pleading with members of his party to pass a short-term extension that will prolong the federal government’s ability to borrow money beyond the October 17 deadline.

If the debt ceiling is not raised, the government is expected to default and trigger consequences that President Barack Obama called “catastrophic” during an address earlier this week.

“If Congress refuses to raise what’s called the debt ceiling, America would not be able to meet all of our financial obligations for the first time in 220 years,” Obama said.