House Votes to Temporarily Suspend Debt Ceiling
By: Big 2 News Staff
Updated: January 24, 2013
The House voted today to suspend the debt ceiling and allow the Treasury Department to borrow new money until mid-May.
In exchange, the bill requires both chambers of Congress to pass a budget resolution or have their pay withheld until they do.
It's called "no budget, no pay."
Most House Democrats spoke out against the bill, calling it a joke and a political gimmick.
Others said they supported it because it takes the immediate threat of default off the table.
Senate Majority Leader Harry Reid has said the Senate would pass the House bill.
The President also said he would not oppose the measure if it reaches his desk.
