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House votes to extend debt ceiling through May 18

January 23, 2013

The U.S. House of Representatives today voted 285-144 to approve legislation to raise the nation's debt ceiling, or legal borrowing limit, through May 18. The bill (H.R. 325) also would require each house of Congress to pass a budget resolution for fiscal year 2014 by April 15 or risk having its pay withheld. The measure next goes to the Senate, where Majority Leader Harry Reid said he expects it to pass. The debt ceiling was technically reached Dec. 31, but the Treasury Department has taken measures to cover the nation's debts and keep the government from defaulting on its loans. Those measures are expected to be exhausted by late February or early March without congressional action.