Debt limit extension bill passes House

The House vote marked a sharp departure from Republican vows to use the debt ceiling issue as a way to extract spending cuts from President Barack Obama.

But House Speaker John Boehner warned immediately after Wednesday’s vote that Republicans would take the next opportunity – automatic budget cuts set for March – to demand „reforms” from Obama.

The automatic cuts, which were temporarily set aside earlier this month in a fiscal deal between the White House and Congress, are „going to go into effect” unless Obama makes concessions, Boehner said.

The bill aims to draw Senate Democrats into the debate by requiring both chambers to pass a formal budget resolution by April 15. If either the House or Senate fails to meet this deadline, lawmakers’ pay is suspended until they pass a budget.

Republicans have named the bill the „No Budget, No Pay Act of 2013.”

via Debt limit extension bill passes House | Reuters.

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