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Republicans in the US House of Representatives are due Thursday to vote on a plan by Speaker John Boehner to cut the US deficit and raise the debt ceiling. Passage of the measure would mean a break in the deadlock that has surrounded the issue and would lead the way forward for a resolution.

The bill is controversial: it is opposed by the most fiscally conservative in the Republican party as not going far enough, but is also opposed by Democrats because they say the cuts it makes to social programs are too deep.

If the bill passes however, it would give the plan legitimacy, and the Democrats would at least have to consider it. The Obama administration has said the president will veto the bill if it comes across his desk, however.

If the bill fails, it will move the ball to the Democrat's court, possibly swinging momentum to their plan, drawn up by Senate Majority Leader Harry Reid.

The US Treasury says it will run out of money next Tuesday unless Congress agrees to raise the debt ceiling. Even if an 11th-hour compromise emerges, the United States could lose its top-notch credit status if ratings agencies are not convinced it has done enough to address its bulging debt burden. Economic experts have said that could lead to another global financial crisis.

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