After months of threatening to again take the economy hostage in a move they had admitted could cause a global financial disaster, House Republicans today approved a three-month increase in the federal debt ceiling that will allowed Treasury to avoid defaulting on the nation’s debts. The increase, which lasts until May 19, passed the House 285-144.
Democrats largely opposed the measure before the vote, and Minority Leader Nancy Pelosi (D-CA) called it a “gimmick unworthy of the challenges we face.” 111 Democrats and 33 Republicans voted against passage.
The legislation, which also requires both houses of Congress to pass a budget resolution, will now go to the Senate, where it is also expected to pass. The White House has said it would not oppose the three-month increase even as it sought a long-term solution.