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House of Representatives Approves Suspension of Federal Debt Limit

January 23, 2013

Today, the House of Representatives voted 285-144 to suspend the federal debt limit of $16.4 trillion to allow the federal government to continue borrowing through May 18.

 

This latest deal allows the federal government to continue borrowing and contains “no budget, no pay” provisions that would hold Congressional member pay should they fail to pass a budget.

The fiscal cliff deal, passed earlier this month, increased the federal deficit by delaying automatic across the board budget cuts, or sequestration. With the federal debt debate pushed off until May, the next battle will be March 1, when the now $85 billion sequestration will be revisited. For more on sequestration please visit the League’s website.

The bill still needs to clear the Senate but Senate Democrats have indicated they plan to move the bill forward, and President Barrack Obama said if moved forward, he would sign it.



 
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