Econintersect: The House of Representatives has votes to suspend the debt limit ceiling until May. The vote was 285-144. The nays came from 33 Republicans 
who objected to giving up the GOP’s strongest bargaining chip for spending reductions. More than half of the Democrats (111) voted against the measure because they objected to drawing out the budget uncertainty while the economy was still fragile.
The Senate has indicated it will approve the bill passed by the House and the president has said he will not oppose the bill.
If the extension had not been approved and the permanent debt ceiling was not raised the government would have been on the verge of having to suspend payments for such things as military pay, Social Security, Medicare and Medicaid.
The bill, when signed into law provides only about one month of relief from the Washington feud over money. From The Washington Post:
Congress faces new deadlines in a matter of weeks, on deep automatic spending cuts set to take effect on March 1 and the expiration of an appropriation measure keeping the government operating on March 27.
Also from WaPo:
The GOP’s measure would impose a new requirement on Congress, key to winning support from a broad range of their own members: Both chambers of Congress must adopt a budget by April 15, as required by law, or have their congressional pay withheld until the start of the new Congress in 2015.
The GOP is working to overcome unfavorable poll numbers that show the public blames House Republicans for the lurching financial crises in Washington.
Sources:
- House votes to suspend debt limit (Rosalind S. Helderman, The Washington Post, 23 January 2013)
- Poll: Obama Favored On Debt Ceiling Talks (Ariel Edwards-Levy, The Huffington Post, 16 January 2013)
- Poll: Most Will Blame GOP if Deficit Deal Fails (Rebekah Metzler, U.S. News & World Report, 04 December 2012)
