No Rush By GOP To Lift Debt Ceiling

Tough negotiations could last into September.

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Republican leadership officials are now expecting that negotiations with the White House over raising the debt ceiling won't be finished by the August 2 deadline and will extend into September.

To make due, officials expect the administration to "find some money" to cover the debt, said one official.

However, even with longer negotiations, the GOP leaders say that there are so many new Tea Party Republicans already on record against raising the debt ceiling that they will need several Democrats to OK any deal. And that deal will not include tax increases but instead rely on massive spending cuts, said one House leadership member.

However, the delay won't extend into next year, said the member, adding that not approving it would be "catastrophic" for the stock market and the nation's financial reputation.

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