House Republicans Set Jan. 23 Vote on Suspending Debt Ceiling

The Republican-led U.S. House of Representatives announced it plans to vote on a bill as soon as Jan. 23 to temporarily suspend the U.S. debt limit until May 19, 2013.

After suspending the limit for three months, the nation’s borrowing authority would be automatically increased from $16.4 trillion to accommodate the money the U.S. Treasury borrowed during those three months. The Senate, where Democrats have a majority, also would have to agree on the measure.

The House suspension plan is accompanied by a caveat: Congress must pass a budget resolution for the next fiscal year by April 15. If either the Senate or the House fails to pass a budget resolution by that time, pay for the members of that chamber will be withheld in an escrow account until they approve one, or at the latest at the end of the 113th Congress.

To contact the reporter on this story: Roxana Tiron in Washington at

To contact the editor responsible for this story: Jodi Schneider at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.