House Passes Short-Term Debt Limit Deal
WASHINGTON D.C. (CBSMiami/CBSNews) - The Republican-led House today passed a bill to "suspend" the nation's debt limit until May, which if passed by the Senate and signed into law, would stave off for a few months the risk of letting the U.S. government default on its loans.
The GOP-crafted legislation also requires both chambers of Congress to either pass a budget or have their salary withheld -- a move that Republicans say puts the nation on a path toward fiscal responsibility and positions them better for the looming fiscal fights. House Democrats, meanwhile, grumbled that the short-term bill amounts to political gimmickry that keeps Washington in crisis mode. Still, some Democrats argued the GOP bill reveals that Republicans are at a disadvantage in the debate over the debt limit.
The "No budget, no pay" bill passed 285 to 144, with most Democrats voting against it.
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