Cantor Offers No Timeline On When Debt Limit Will Be Raised

House Majority Leader Eric Cantor (R-Va.) said Tuesday that Republicans remain committed to attaching a series of spending reforms to a vote to increase the nation’s debt limit.

However, Cantor acknowledged that leaders from both parties remain far apart on a deal. In terms of when a vote would occur, the Virginia Republican told reporters not to look too far ahead.

“We’re gonna make a decision when we feel that there is agreement on the kind of spending cuts we need,” he said.

The Treasury Department has informed lawmakers that they must hold a vote by August 2. Democrats and White House officials have warned that failure to raise the limit could have potentially devastating impacts on the country’s economy and its credit rating.

Despite that, Cantor said that his visit to Wall Street on Monday showed him that the GOP has support when it comes to refusing to pass a “clean” debt limit increase. “Hold the line on cutting spending,” is the message that he said traders shared with him.

Cantor did indicate, however, that House leaders are still debating whether or not to hold a symbolic vote on a “clean” bill. When asked about the economic uncertainty that postponing the debt limit vote might create, Cantor responded that he is more concerned with how much in cuts a deal would yield.

Following today’s briefing, Cantor left the Capitol to attend a meeting with Vice President Joe Biden, Treasury Secretary Tim Geithner and other congressional leaders regarding  a discussion about deficit reduction. The meeting marks the second to be held by the Biden Commission.