U.S. debt limit gathers rust as political budget leverage tool

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Pedestrians walk past the U.S. Capitol building prior to U.S. President Barack Obama's State of the Union address in front of the U.S. Congress, on Capitol Hill in WashingtonBy David Lawder WASHINGTON (Reuters) – The U.S. debt limit suddenly looks a lot less threatening as Republicans in the House of Representatives struggle to choose from a diminishing list of minor conditions for an increase needed by the end of this month. Both House Republican leadership and some of the conservatives who voted against the deal to end a government shutdown last October are taking a more pragmatic approach that includes no talk of brinkmanship. As a result, financial markets are far from panicking. Republican lawmakers and aides said possible debt limit conditions still under discussion included the restoration of military pension cuts that many Republicans had just supported in December, as well as adjustments to doctor payment rates in the Medicare health care program for the elderly.

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