White House endorses Reid debt bill shortly before House vote

The White House endorsed Senate Majority Leader Harry Reid’s (D-Nev.) debt-ceiling bill shortly before it was set to go down in flames in a House vote.

The endorsement came in a statement of administration policy from the White House Office of Management and Budget, which said the administration “strongly supports” the Reid bill and that “senior advisors would recommend [President Obama] sign it.”

{mosads}The statement came in the last stages of House debate on the Reid measure. The House GOP was set to defeat it as part of an effort to win more concessions from Senate Democrats. Reid and his caucus are still working the legislation to win over seven Republicans needed to pass the measure early Sunday morning.

“It is imperative that the United States not default on the nation’s obligations, that the full faith and credit of the United States be preserved and that the nation’s fiscal house be put in order,” the statement said.

“The [Reid] bill would increase the debt ceiling to a level that will be sufficient for the nation to meet its obligations through the beginning of 2013, while providing both a significant down payment on deficit reduction and a means to further address deficit reduction through a balanced approach that allows for both cutting spending and eliminating tax subsidies that benefit the wealthiest Americans and corporations.”