House Passes Plan to Avert Debt Crisis

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House Republicans overwhelmingly passed a plan Wednesday designed to prevent a potential debt crisis.

Wednesday's "No Budget, No Pay" measure, which passed 285-144, would give the government enough leeway to meet three more months' worth of obligations and avoid a first-time ever default.

Republicans gave up on spending cuts in return for an increase in the government's borrowing cap.

This time when they raise the debt limit, they will require that paychecks be withheld for lawmakers unless they approve spending cuts. The issue of the debt limit won't be raised again until May 18.

"This is not a gimmick," Rep. Michael Fitzpatrick, R-Pa., said. "For the past almost going on now four years, our colleagues in the Senate have failed in their most basic responsibility of governance, which is to pass a budget."
 
"All we're saying is 'Congress follow the law. Do your work. Budget,'" House Budget Committee Chairman Paul Ryan, R-Wis., said. "And the reason for this (debt) extension is so that we can have the (budget) debate we need to have."
             
Senate Majority Leader Harry Reid said the Senate would pass the bill without making any revisions, noting the plan contained no spending cuts.

"It surrenders the hostage Republicans took in the past," Reid said. "It decouples the full faith and credit of the United States from cuts to Social Security and Medicare, or anything else."

"I thank Speaker Boehner on his leadership of diffusing a fight over the debt ceiling debate," Politico quoted Reid. "Not everything here has to be a big fight."

The White House said it won't oppose the measure either.

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