Boehner vows ‘whale of a fight’ over debt ceiling

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The BoehnerJohn BoehnerHouse GOP faces dilemma on spending bills Overnight Finance: Puerto Rico bill clears panel | IRS chief vows to finish term | Bill would require nominees to release tax returns Overnight Defense: Pentagon chief fears sequestration's return MORE remarks came on the same day the Treasury department officially said it will not be able to pay its bills without more borrowing after mid-October. The White House has said that it will not negotiate over the debt ceiling and argues the borrowing is needed to pay costs already authorized by Congress. A failure to meet obligations could result in a credit downgrade for the United States that would have the perverse effect of raising bond interest rates and increasing the deficit. 

The deadline is just two weeks after a government shutdown looms on Oct. 1. Boehner told his conference last week he prefers a short-term stopgap funding bill to be passed in September in order to allow a focus on the debt ceiling fight.