With the administration’s debt ceiling deadline fast approaching, House Republican leaders are considering a four-year debt limit increase that would take the issue off the table for the rest of President Barack Obama’s presidency.

The plan would, however, come at no easy price for Obama, who pledged as recently as Monday morning not to negotiate with Republicans on a debt ceiling hike. Republicans would demand major tax and entitlement changes — the latter of which has been anathema to many Democrats — and they could also ask for movement on the sequester and an expiring continuing resolution that must be dealt with in the next three months…

“We have an opportunity to inject years of certainty while doing some fundamental tax reform and entitlement reform,” said Rep. Steve Southerland II of Florida, the sophomore class leadership representative, who was at the meeting.