House OKs 4-Month Debt Ceiling Deal

CapitolDomeThe House voted Wednesday to approve the increase of the federal debt ceiling in an attempt to avoid the previous standoff over the government’s borrowing limit in summer 2011, Reuters reports.

David Lawder writes the chamber approved the measure 285-144, with 33 Republicans and 111 Democrats voting against it.

According to the report, the Treasury is expected to run out of room to borrow under the $16.4 trillion debt limit between mid-February and early March.

The bill also requires both the House and Senate to pass a budget by April 15 or else lawmakers’ pay is suspended until Congress approves a budget, Lawder reports.

Senate Majority Leader Harry Reid said the Senate will pass the bill without changes, according to

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