WASHINGTON (AP) — The House overwhelmingly passed a bill today to permit the government to borrow enough money to avoid a first-time default for at least four months, defusing a looming crisis and setting up a springtime debate over taxes, spending and the deficit.
The House passed the measure on a bipartisan 285-144 vote as majority Republicans backed away from their previous demand that any increase in the government's borrowing cap be paired with an equivalent level of spending cuts.
Senate Majority Leader Harry Reid, D-Nev., said the chamber would immediately move to advance the legislation to the White House, which has announced Obama would sign it.
The measure would suspend the $16.4 trillion cap on federal borrowing and reset it on May 19 to reflect the additional borrowing required between the date the bill becomes law and then. The amount of borrowing required depends on the tax receipts received during filing season, but over a comparable period last year the government ran deficits in the range of $150 billion.
The measure also contains a provision that slaps at the Senate, which hasn't debated a budget since 2009, by withholding the pay for either House or Senate members if the chamber in which they serve fails to pass a budget plan. Sen. Patty Murray, D-Wash., announced Wednesday that the chamber would indeed debate a budget this year but maintained the GOP's "no budget, no pay" move had nothing to do with the decision.
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