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House Approves Debt Ceiling Backup Plan

House Approves Debt Ceiling Backup Plan
Posted May 9th, 2013 @ 11:21am

(Washington, DC)  --  The House is giving its approval to a debt ceiling backup plan.  The vote fell along party lines, 221-207.  The legislation would authorize the government to borrow money above the limit, but only to make interest payments to creditors and payments to the Social Security Trust Fund.  The Republican bill will likely go nowhere in the Democratic-led Senate and the White House has threatened a presidential veto.  

The federal debt ceiling is expected to be hit later this year.  The President has long-said that raising the debt limit should be removed from a partisan political environment.  Obama has also said he will no longer negotiate with Congress over the debt ceiling.  

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