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House Republican leaders seek Democratic help to pass debt ceiling increase

The Treasury will hit the debt ceiling on Feb.7, and in a letter Secretary Jack Lew sent to congressional leaders, he says the Treasury will run out of funds by March due to the high amount of tax refunds.

By Aileen Graef

WASHINGTON, Feb. 5 (UPI) -- House Republican leaders have decided to seek Democratic help in passing a bill increasing the debt ceiling after negotiations over the bill failed.

The House GOP has realized that the only way they will be able to pass a bill to raise the debt ceiling is if they rally Democratic support. As the Democrats have firmly stated they will only accept a clean bill, Republicans have given up most of their demands.

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After negotiations on Wednesday failed, it became clear that no progress would be made with just GOP support of the bill. The Republicans are abandoning plans to tie demands over the Affordable Health Care act and authorization of the Keystone XL pipeline in favor of passing a bipartisan bill.

House conservatives are resisting the decision but with the Treasury reaching the debt ceiling on Monday and only three weeks of reserve funds, it is predicted that they will have no choice.

[HuffPost Live]

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