The next debt-ceiling battle looks set to be delayed until at least May. The White House says President Obama "would not oppose" the House GOP's plan to suspend the debt limit until May 19, reports the Washington Post. Senate Majority Leader Harry Reid has also backed the plan, saying "I'm glad we’re not facing crisis here in the matter of a few days."
The proposal leaves the borrowing limit of $16.4 trillion intact, but suspends enforcement, leaving the Treasury free to keep borrowing to avoid a default. The House is due to vote on the plan today and Republican leaders predict it will pass easily, though Democrats would prefer a longer-term deal. "A temporary solution is not enough to remove the threat of default that Republicans in the Congress have held over the economy," the White House said in a statement. (Read more debt ceiling stories.)