Senate Passes Bill Suspending Debt Ceiling until May

Posted on: February 1st, 2013 by NADO Admin

On January 31, the U.S. Senate passed H.R. 325, commonly known as the No Budget, No Pay Act, which extends the federal debt limit through May 19, preventing any threat of a government default before that date.  Extending the debt ceiling ensures that the Treasury Department will be authorized to issue new debt so that current government obligations continue to be paid.  A default of any type would likely have had extremely negative impact on the U.S. and global economy. The bill also contains a provision blocking the pay of House and Senate members if their respective chambers do not produce a budget resolution by April 15, as required by law. On January 23, the U.S. House passed H.R. 325, which now goes to President Obama who is expected to sign the measure. Click here (http://www NULL.gpo NULL.gov/fdsys/pkg/BILLS-113hr325eh/pdf/BILLS-113hr325eh NULL.pdf) to view the full text of H.R. 325.

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