House GOP preparing for debt showdown this summer Associated Press Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 9:09 am, Wednesday, April 24, 2013 The House Ways and Means Committee passed a bill Wednesday to protect Social Security recipients and investors in Treasury bonds if the government hits the limit of its borrowing authority. In January, Congress suspended the government's borrowing limit until May 18, though Treasury officials are expected to take actions to delay a default until later this summer, perhaps in August.
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