Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

House Republicans Set Jan. 23 Vote on Suspending Debt Ceiling

Jan. 21 (Bloomberg) -- 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 rtiron@bloomberg.net

To contact the editor responsible for this story: Jodi Schneider at jschneider50@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.