House Republicans on Monday unveiled legislation that will suspend the debt-ceiling until May 19, setting the stage for a floor vote as soon as Wednesday.

While past measures to address the debt limit have simply increased the borrowing cap, the House bill would actually suspend the debt limit for three months. Then, on May 19, the debt limit would be automatically increased from $16.4 trillion to accommodate whatever additional borrowing the Treasury had done during that time frame.

The House Rules Committee posted the text of legislation as Washington prepared for President Obama’s second inauguration. In addition to preventing default, the bill would withhold members’ pay if Congress fails to pass a budget by April 15.

The Rules Committee will hold an emergency meeting to discuss the legislation Tuesday, setting up a vote as soon as Wednesday on the House floor.

House Republican leaders are using the bill to put pressure on Senate Democrats to pass a budget, which they have failed to do for over four years.

Continue reading →