House GOP to change stalled debt bill (AP)

WASHINGTON ? House Republicans say they will change stalled legislation to avoid a national default in hopes of gaining the votes needed to pass it as early as Friday.

Rep. David Dreier of California says the measure will still raise the debt limit by $900 billion and cut spending by $917 billion. But a second increase in borrowing authority wouldn't take effect unless Congress sends a constitutional balanced budget amendment to the states for ratification.

That was a key demand of rebellious conservatives who withheld their votes from the legislation on Thursday night.

There is no immediate word on when the House will vote on the revised bill. The government faces the prospect of an economy-shaking default if Congress doesn't raise the debt limit by Tuesday.

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/ap/20110729/ap_on_go_co/us_debt_showdown_house

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