House Extends Debt Ceiling Until Mid-May
GOP initiative finds bipartisan support; Senate signals it will pass it
By Newser Editors and Wire Services
Posted Jan 23, 2013 12:35 PM CST
Speaker of the House John Boehner, R-Ohio, talks to reporters after a long closed-door meeting on a strategy to deal with a potential debt crisis, at the Capitol in Washington, Tuesday, Jan. 22, 2013.   (J. Scott Applewhite)

(Newser) – The House passed a bill today to permit the government to borrow enough money to avoid default for the next few months, setting the stage for a springtime debate over taxes, spending, and the deficit. The House passed the measure by a 285-144 vote, a bipartisan showing on an initiative brought by majority Republicans. The legislation represents a tactical retreat for the GOP, which is backing away from its previous demand that any increase in the government's borrowing cap be paired with an equivalent level of spending cuts. Harry Reid said the Senate would immediately move to advance the legislation to the White House, which has announced that President Obama would sign it.

The measure would suspend the $16.4 trillion cap on federal borrowing and reset it on May 19 to reflect the additional borrowing required between the date the bill becomes law and then. The amount of borrowing required depends on the tax receipts received during filing season. Over a comparable period last year, the government ran deficits in the range of $150 billion.

View 1 more image

Copyright 2016 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
House Passes 3-Month Debt Ceiling Extension is...
6%
6%
23%
35%
2%
29%
Show results without voting
You Might Like
Comments
Showing 3 of 19 comments
rwreck80
Jan 25, 2013 7:13 PM CST
that-cry baby-coward-and his jerks need to go home and quit screwing up the country.
texron
Jan 23, 2013 9:48 PM CST
They Blinked !
jfarley
Jan 23, 2013 6:43 PM CST
Republican should be called Republican't