Wednesday, January 23, 2013

House Approves Three-Month Debt Limit Extension

BREAKING NEWS Wednesday, January 23, 2013 1:42 PM EST
Avoiding an economic showdown with President Obama, the House on Wednesday passed legislation to suspend the nation’s statutory borrowing limit for three months, without including the dollar-for-dollar spending cuts that Republicans once insisted would have to be part of any debt limit bill.
The measure, however, did include a provision that docks the pay of lawmakers if one of the chambers of Congress fails to pass a budget blueprint by April 15. That provision provided House Republicans with a rationale for giving in on the debt ceiling, at least temporarily.
“It’s real simple: no budget, no pay,” Speaker John A. Boehner of Ohio said before the measure passed by 285 to 144. More than enough Democrats joined Republicans to make up for more than 30 Republican defections.

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http://www.nytimes.com/2013/01/24/us/politics/house-passes-3-month-extension-of-debt-limit.html?emc=na

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