WASHINGTON (Reuters) - The White House and congressional leaders on Thursday cited the urgency of enacting legislation to avoid a default on U.S. debt, but Republicans were still struggling over how to pass any bill.
The Treasury Department has estimated that it will bump up against its $18 trillion statutory borrowing limit on Nov. 3 unless Congress approves legislation raising the ceiling.
Concerns rose when earlier on Thursday when the Treasury announced it was postponing a debt auction, citing the borrowing limit.
Asked about that action, White House spokesman Eric Schultz said President Barack Obama feels an urgency to address the debt ceiling.
But discussions in the House of Representatives to possibly debate a debt ceiling bill on Friday sputtered, apparently due to a lack of support for the measure.
"I know we're sounding like a broken record, but we're waiting on the House," said Senator John Cornyn, the No. 2 Republican in that chamber when asked when the Senate might debate legislation raising the debt limit.
Even if the House had managed to pass a Republican-backed bill, it would have been blocked by Senate Democrats opposed to the measure's huge cuts to a range of federal programs.
During the last debt-ceiling standoff in October, 2013, nervous investors demanded higher interest rates for U.S. government securities, which cost taxpayers between $38 million and $70 million, according to congressional investigators at the U.S. Government Accountability Office.
"Here we are - Congress having only seven legislative days to act to fully protect the full faith and credit of the United States of America," said House Democratic Leader Nancy Pelosi, who accused majority Republicans of constructing a "calendar of chaos" on fiscal issues.
Treasury said it would not hold an auction of 2-year notes that had been set for Oct. 27 because the agency might not be legally authorized to borrow money by the time the auction settles on Nov. 2.
A House Republican leadership aide did not say when a debt limit bill might advance. "We continue to discuss options with our members," the aide said.
Many House Republicans oppose any increase in government borrowing authority, especially without a plan in place to rein in government spending.
Despite the inability of Republicans to produce a bill so far, Cornyn told reporters he was "confident" Congress will avert a default.