Boehner is noncommittal about holding a vote on the bill before July 4 — very close to the deadline by which Treasury says the U.S. will have hit its borrowing limit.

Man_Carrying_DollarGREENVILLE, Ohio — Speaker John Boehner won’t guarantee a vote on raising the debt limit, the latest threat in an increasingly high stakes game of chicken with the White House over whether Congress will inch closer to letting the nation default on its credit.

Boehner also demanded that President Barack Obama give in to Republican demands to slash spending and dramatically change “the way we spend the people’s money.”

“If the president doesn’t get serious about the need to address our fiscal nightmare, yeah, there’s a chance it [the debt limit vote] could not happen,” Boehner told POLITICO after he toured a manufacturing company in this western Ohio town. “But that’s not my goal.”

The vote to increase the borrowing ceiling beyond the current limit of $14 trillion has become one of the defining issues for a House Republican majority that ran campaigns promising dramatic cuts in government spending. As the deadline draws closer to a debt ceiling vote, Republicans are starting to sound less compromising in their stance, even as Treasury officials warn of market calamity and economic “Armageddon” if Congress refuses a vote.

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Source: Jake Sherman | POLITICO