The House voted on legislation Wednesday that will raise the debt ceiling for three months and delay a US default. Even though this is just a short term fix, the Obama administration said it supports it.
The legislation prevented a devastating default of US debt and payments next month and instead give Congress three more months to come up with an agreement on the budget, taxes, spending and the deficit. The move would cause the congressional budget battles to once again take place – but this time in March.
The legislation contains a “no budget, no pay” segment that ensures both House and Senate members will no longer receive their paychecks if a budget isn’t agreed upon by April 15, putting further pressure on legislators to come up with a plan. Although President Obama prefers a long-term solution and said incremental increases in the debt ceiling ultimately harm the…
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