Another debt limit showdown brewing

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Leaders of the Republican Majority in the House say they don't want, or expect, a shutdown of the government at month's end.

But they vowed to fight for concessions from President Obama before allowing any raising of the nation's debt ceiling to pay for America's obligations.

The government will run out of cash to pay those obligation no later than October 17th and the GOP says debt reduction measures and a delay in implementing Obamacare will have to be negotiated with the president.

President Obama vowed again today he won't negotiate on a debt limit increase, which has always been granted to presidents of both parties.

"On the debt limit, we're going to introduce a plan that ties important spending cuts and pro-growth reforms to a debt limit increase. Now the President says I'm not going to negotiate. Well I'm sorry but it just doesn't work that way," said Representative John Boehner, Republican House Speaker.

"It delays Obamacare for one year for all American families. Now President Obama has already delayed the law one year for big business, for insurance companies and the politically connected. So this is only fair for us to say that American families should also have the benefit of delay.," said Representative Eric Cantor (R) Virginia.

"We call on the President now to sit down with us. Harry Reid to sit down with us and lets solve the problem. this plan of more debt and no reform is absolutely unacceptable."

House Republicans will likely pass their version a bill to extend the debt limit sometime this weekend.