The GOP-run House began considering the bill less than a day
after the White House and top lawmakers reached agreement on a
dispute that had locked them in deadlock for months.
The Obama Administration has said the government would run out
of money if Congress does not extend its borrowing authority by
Tuesday, which administration officials and others say would cause
a default that could set back the world economy.
The measure would extend the current $14.3 trillion debt ceiling
by up to $2.4 trillion and pare federal spending by more than $2
Senate Majority Leader Harry Reid, D-Nev., wants his chamber to
begin considering the measure Monday evening.