Boehner Vows No Default as House GOP Readies Bill on Debt Limit

House Republicans are closing in on a plan to lift the federal borrowing limit for a year while addressing Medicare reimbursements and military retirement benefits in a bill that could be introduced as soon as next week.

House Speaker John Boehner promised the nation would not default as pressure mounted for action on the debt ceiling, which was reinstated Friday after being suspended last fall in a deal to end the government shutdown.

Treasury Secretary Jack Lew said Friday that "extraordinary measures" the federal government uses to fund the nation...