January 23, 2013


House Votes to Suspend Debt Ceiling

The House voted "to approve legislation suspending the debt ceiling for three months, a move that will allow the government to keep paying its bills and give lawmakers breathing room for long-term budget negotiations," the Wall Street Journal reports.

"The House bill, which needs a Senate vote and the president's signature, requires the Senate to pass a budget by mid-April and threatens to withhold lawmakers' pay if it fails to do so."

New York Times: "The debt ceiling legislation -- mindful of constitutional hurdles imposed by the 27th Amendment on Congressional pay -- would simply impound lawmaker salaries until a budget is passed or the 113th Congress ends, whichever comes first. And it would not require the House and the Senate to come to a compromise on the two spending and tax blueprints, which are likely to be very different. That will be the really difficult task."

Financial Times: Republicans seek to avoid debt backlash.










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