Updated at 9:00 p.m.
Moments after the Congressional Budget Office released an analysis finding that the House Republicans’ debt limit bill falls far short of one their key goals, House Speaker John Boehner (R-OH) decided to rewrite the legislation, and according to GOP leadership, an expected Wednesday floor vote on the package will be delayed until Thursday at the earliest.
“We promised that we will cut spending more than we increase the debt limit – with no tax hikes – and we will keep that promise,” reads a statement from Boehner spokesman Michael Steel. “As we speak, Congressional staff are looking at options to re-write the legislation to meet our pledge.”It’s still unclear whether Republicans will adjust the bill by including deeper spending cuts, by reducing the amount of borrowing it authorizes, or both. Their goal is to cut projected spending by at least $1 trillion in the next ten years, and to authorize no more new borrowing authority than they can achieve in savings. As currently written, the legislation falls short of both goals.