The Republican House leadership Thursday proposed a temporary increase in the debt ceiling as a way of breaking a political impasse and deferring a looming US default, dpa reported.
In exchange, Republicans would expect a promise of opening a "meaningful dialogue" with President Barack Obama, a Democrat, about budget and spending issues, said Representative Cathy McMorris Rogers.
Rogers, a member of the top Republican leadership in the House of Representatives, talked at a press conference after Republicans met behind closed doors to decide the way forward. The time limit on a temporary increase was not clear.
A small delegation of Republicans is to meet later Thursday with Obama to discuss the proposal. Obama had invited the entire Republican membership in the House - 232 members - but Speaker of the House John Boehner rejected the offer.
The US government will reach its borrowing limit on or about October 17, at which time it would have to default on bond payments held by international and domestic investors and many entitlements such as medical care for the poor and aged, among other commitments.
The prospect of default has raised alarm in the world's financial system, and triggered warnings from the heads of major international monetary organizations.
McMorris Rogers said the Republican leadership would offer legislation that "will offer a temporary increase in the debt ceiling to allow us some time, because it is time for solution.
There was no mention of a breakthrough on the stalled budget negotiations, which have partially shut down the US government.