The House Republican plan to suspend the debt limit until May 19 will eventually result in an increase to the nation’s borrowing limit of about $450 billion, according to new analysis.
The Bipartisan Policy Center, which closely tracks the nation’s debt limit, also said Wednesday that under the legislation, the nation would next need to raise the debt limit by the end of July at the earliest.
A House Republican proposal to suspend the debt limit until May 19 and then automatically raise it to cover federal borrowing during that time was approved Wednesday in a bipartisan vote of 285-144.
According to the center, that suspension and eventual hike would likely amount to $450 billion, assuming the bill is enacted by the end of January. Senate Democrats have said they would bring up the measure following House passage, and the White House has said it does not oppose the bill.