Here’s what the Speaker said at his press conference:
The American people will not accept, and the House cannot pass, a bill that raises taxes on job creators. The House can only pass a debt limit bill that includes spending cuts larger than the hike in the debt limit as well as real restraints on future spending. My colleagues and I feel we should enact a balanced budget amendment to keep the federal government from spending us into the same situation again. I think we also need real reductions in spending right now and spending caps to ensure that progress we make is not undone in the future… A bill that doesn’t meet these tests can’t pass the House of Representatives.
This is a good position to stake out. Now the GOP needs to move forward on it. But they also will need to hold the line.