Updated January 24, 2013
If the legislation is enacted by the end of January, the debt limit increase on May 19 would be approximately $450 billion
By Steve Bell, Loren Adler, Shai Akabas and Brian Collins
UPDATE: Obama signs debt-ceiling bill
UPDATE: H.R. 325, The Debt Limit, and Extraordinary Measures: A Technical Note
UPDATE: Senate votes to temporarily suspend federal debt limit
Last week, at the House Republican retreat in Williamsburg, VA, members of the leadership team announced that they were considering a short-term increase in the debt limit that would allow Congress to address several other budget-related deadlines first. These include the automatic across-the-board sequestration cuts set to take effect March 1, the March 27 expiration of the continuing resolution to finance the federal government for the current fiscal year, and the April 15 deadline for a congressional budget resolution for the next fiscal year.
Today, the House of Representatives approved a bill (H.R. 325) that seeks to implement the short-term debt limit increase while forcing the Senate to pass a budget resolution this year, which that chamber has not done since 2009.