Republicans in the U.S. House of Representatives will push legislation to cut $1.2 trillion in spending over 10 years and provide a short-term, $1 trillion increase in the government's borrowing limit, according to a Republican aide.

House Speaker John Boehner, who is crafting the legislation, also wants to trigger automatic deficit-reduction cuts if spending exceeds caps created by the legislation, the aide said.

President Barack Obama, a Democrat, has said he is opposed to a short-term debt limit increase and instead wants about $2.4 trillion in new borrowing authority, which would extend through 2012.