House to consider balanced-budget amendment | Reuters
(Reuters) - The House of Representatives will vote on a bill that would amend the Constitution to require Congress to balance the budget each year, Republican Leader Eric Cantor said on Thursday.
The measure has little chance of becoming law, but it could give Republicans added leverage as they struggle with Democrats over a budget-cutting deal that would allow the country to continue borrowing money and avert a default on its debt.
Cantor walked away from the talks earlier in the day, saying negotiators were at an impasse over tax increases sought by Democrats.
The Treasury Department has warned that it could run out of money to pay the country's bills if Congress does not increase the $14.3 trillion debt ceiling by August 2. That could push the country back into recession and rattle markets across the globe.