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On Jan. 31, the U.S. Senate voted 64-34 to approve the No Budget, No Pay Act of 2013 (H.R. 325), which "suspends" the $16.4 trillion debt ceiling until May 19, 2013.
If signed into law, H.R. 325 would:
This legislation temporarily sets aside battles over lifting the debt ceiling to pay obligations that Congress has authorized, which is certainly helpful. However, it does not resolve the fundamental budgetary issues, which may include reintroduction of a House budget with the significant cuts that characterized the 2011-2012 budget proposals.
Nor does this legislation affect the March 1 deadline for dealing with sequestration cuts, and the March 27 date when the Continuing Resolution for FY 2013 expires.
The measure moved through the U.S. House of Representatives on Jan. 22 with a vote of 285-144.