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House Passes Three-Month Debt Limit Extension


The U.S. House of Representative voted 285-144 on Wednesday to authorize a three-month increase in the nation’s debt limit, giving the U.S. Senate even more time to come up with a budget.

Included in the bill, dubbed "No Budget, No Pay," is a provision that halts all paychecks to U.S. lawmakers' if they fail to come up with a budget plan on time.

Shortly after the bill cleared the House, Senate Majority Leader Harry Reid (D-Nev.) assured members of the press that it would also pass the senate. Once the bill passes the senate, it will make its way to President Obama’s desk.

“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 Associated Press notes.

“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 report adds.

House Republicans hailed the bill's passage.

"Balancing the budget over the next 10 years means that we save the future for our kids and our grandkids," said House Speaker John Boehner (R-Ohio). "It also means that we strengthen programs like Social Security and Medicare and Medicaid that can't continue to exist in their current form without some kind of controls."

However, not all House Republicans were for the bill. Among those who voted against it were Reps. Bachmann, Steve King, Broun, Yoho, Stockman, Amash, and Massie .

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Featured image courtesy Getty Images.

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