House Republicans plan to move their own proposal to raise the debt ceiling and fund the government, in response to a new plan emerging from the Senate side, Fox News has learned.
The decision throws into doubt what the next step will be in the tense budget negotiations. Senate Republican leaders plan to brief their members later Tuesday morning on the emerging Senate plan, but the House GOP is apparently now going in its own direction.
Stocks swiftly fell on the news that a separate House plan was taking shaping.
Senior aides said the proposal would fund the government through Jan. 15, and raise the debt ceiling through Feb. 7.
It would also include a two-year suspension of the medical device tax in ObamaCare, and strip so-called insurance "subsidies" for members of Congress and other government officials.
A senior aide confirmed to Fox News that the House plans to work out of an existing budget bill to save time.
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