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Congress approves bill extending debt ceiling through May 18

January 31, 2013

The U.S. Senate today voted 64-34 to approve legislation (H.R. 325) to raise the nation's debt ceiling through May 18. The bill, which passed the House last week and the president is expected to sign, also requires each house of Congress to pass a budget resolution for fiscal year 2014 by April 15 or risk having its pay withheld. The debt ceiling - or legal borrowing limit - 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.