House passes bill to defuse debt crisis

The measure would suspend the $16.4 trillion cap

The measure would suspend the $16.4 trillion cap on federal borrowing and reset it on May 19 to reflect the additional borrowing required between the date the bill becomes law and then. (January 23, 2013 3:16 PM)

(AP) The House overwhelmingly passed a bill Wednesday to permit the government to borrow enough money to avoid a first avoid default for at least four months, defusing a crisis looming next month and setting the stage for a springtime debate over taxes, spending and the deficit. The House passed the measure on a bipartisan 285-144 vote as majority Republicans back away from their previous demand...

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