House passes temporary bill aimed at solving debt ceiling
The House passed the Republican-created “No budget, no pay” bill today to temporarily fix the debt ceiling crisis for the next three months.
If the bill passes, lawmakers in both congressional chambers will have their pay withheld until they can create a budget resolution.
Until lawmakers map out an effective financial plan, the bill allows the Treasury Department to continue to borrow money to pay the nation’s debts until May 18.
Although most Democrats voted against it, the bill passed with a 285 to 144 vote.
The crisis is a result of the Treasury reaching its borrowing limit of $16 trillion.
The White House confirmed President Barack Obama will sign the “No
budget, no pay” bill if it reaches his desk after Senate approval, according to CBS News.
Congress also still has to deal with the so-called “sequester,” a massive series of spending cuts across the board, before March 1.
Although it would cut most program budgets by eight to 10 percent, defense and domestic spending will take the biggest hits.