Thursday, January 24, 2013

Labrador, Simpson Vote 'Yes' to Temporarily Suspend U.S. Debt Ceiling

Posted By on Thu, Jan 24, 2013 at 8:51 AM

Idaho Republican Reps. Raul Labrador and Mike Simpson joined 197 other GOP U.S. House members and 86 Democrats Wednesday to temporarily suspend the nation's borrowing limit, removing the so-called debt ceiling ... for now.

The measure lifts the federal government's $16.4 trillion borrowing limit until May 19. The bill is expected to easily pass through the U.S. Senate before being sent to President Barack Obama for his signature.

The House built in some extra incentive to adopt a budget resolution by April 15. If not, pay for members of the House will be withheld and placed in an escrow account.

Congress and the White House have turned their attention to another approaching deadline: March 1, when approximately $1.2 trillion in automatic spending cuts, half of which would come from the the Defense Department, kick in.

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