LIVE VIDEO: THV 11 This Morning    Watch
 

U.S. House expected to vote on debt limit

2:03 PM, Jan 23, 2013   |    comments
  • Share
  • Email
  • Print
  • - A A A +
  • FILED UNDER

WASHINGTON (CBS) -- The House of Representatives is expected to vote today to suspend the debt limit and allow the government to continue to pay its bills. Republicans are giving up their demand that a deal include spending cuts. But the GOP is planning to add another provision that has some Democrats upset.

The first order of business in the House today is legislation that allows the government to keep borrowing money and pay its bills. Lawmakers are expected to pass a measure that suspends the debt limit until May and prevents turmoil in the financial markets. U.S. Rep. Pete Sessions of Texas says, "We will not risk the full fail and credit of the United States."

Republicans came up with the plan, reversing course from just a couple weeks ago when they wanted to use the debt limit vote to force Democrats to agree to more spending cuts. But this new measure does include a catch, it requires the Senate to pass a budget by April.

If they don't, lawmakers salaries will be frozen. Rep. Black of Tennessee says, "It's simple. No budget, no pay."

House Speaker John Boehner says, "If members of Congress are like me you can' go months and months without a paycheck."

Getting a budget passed could be difficult; Senate Democrats haven't done it in four years. Senators from both parties say they are willing to work together.

Many Democrats are not happy with the Republican's pay provision. U.S. Sen. Sherrod Brown of Ohio says, "There's never been a catch in the debt ceiling, ever. Congress ran the bills up, Congress has to pay the bills that's been done with presidents of both parties."

Many lawmakers argue that the temporary debt limit suspension only sets the stage for another spending fight this spring.

If the debt limit is not extended the Treasury says in about a month the government would run out of money and not be able pay its bills.