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    GOP Caves on Debt-Ceiling Fight

    WASHINGTON, DC - MARCH 27:  House Majority Leader Eric Cantor (R-VA) (L) and House Budget Committee Chairman Paul Ryan (R-WI) (R) listen to Speaker of the House John Boehner (R-OH) as they hold a brief news media availability after a Republican Conference meeting at the U.S. Capitol March 27, 2012 in Washington, DC. Saying that the Democratic-controlled Senate has "done nothing" in three years, Boehner said the House Republicans will introduce a federal budget next week. (Photo by Chip Somodevilla/Getty Images)

    Chip Somodevilla/Getty Images

    Retreat! Retreat! House Republicans are backing off of their hardline stance on the federal debt ceiling, agreeing at a closed-door retreat on Friday to offer a three-month extension of the government’s statutory borrowing limit without the attached spending cuts they had previously demanded. There is one catch, though: the deal comes with a demand that Senate Democrats pass a budget on time. “Furthermore,” House Majority Leader Eric Cantor ominously warned, “if the Senate or House fails to pass a budget in that time, members of Congress will not be paid by the American people for failing to do their job. No budget, no pay.”

    Read it at NBC News