House Votes to Suspend Debt Limit Until May

January 24, 2013
Headlines

The Republican-controlled House has passed a measure to lift the debt ceiling until May, avoiding a new showdown with President Obama at least for a few months. The move would temporarily suspend the federal government’s $16.4 trillion borrowing limit until May 18, without the dollar-for-dollar spending cuts that Republicans have demanded. In a bid to pressure the Senate, the legislation calls for withholding the salaries of lawmakers if one of the chambers of Congress fails to pass a budget blueprint by mid-April. The Senate is expected to approve the measure this week.