GOP Moves to Suspend Debt Ceiling Until May

Alan Simpson - Caricature (Photo credit: DonkeyHotey)

House Speaker John Boehner indicated Tuesday that Republicans will vote on an extension of the federal debt ceiling to allow Treasury to borrow money until mid-May. The move would reverse the order of a series of expected debt and spending fights in Washington, an effort designed to put the GOP on more sound political footing.

The Speaker said the measure would be tied to a provision that would suspend the pay of lawmakers if they do not agree to a budget by April 15th. A vote is expected Wednesday.

"I think the American people understand that you can't continue to spend money that you don't have," Boehner said.

At the White House, spokesman Jay Carney indicated the president would likely sign the measure if the Congress passes it. "The House Republicans made a decision to back away from the kind of brinksmanship that was very concerning to the markets, very concerning to business, very concerning to the American people," Carney said. Read more >>