Debt Ceiling Averted...For Now

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Wednesday, January 23, 2013 - 4:53pm

House votes to suspend debt ceiling in bid to craft budget and avoid new fiscal crisis.

A rare air of bipartisanship has settled over Washington.

The House of Representatives has passed a short term extension of the debt ceiling, and Speaker Boehner predicted more cooperation.

"We're going to find some common ground, I'm hopeful, that puts us on a path to balance the budget over the next ten years," Boehner said after the vote.

President Obama had refused to negotiate on the debt limit and Republicans backed down,
calling for more cooperation on our deficit crisis.

Democratic leaders in the Senate talked bipartisanship as well, agreeing to approve what the House passed.

They promised to turn out a budget that includes deep spending cuts.

The debt ceiling vote put off a possible economic crisis until May.

Most House Democrats voted no.

"Three months. Where is the certainty in three months?" asked Minority Leader Nancy Pelosi.

"This bill is political gimmick," added Rep. Steny Hoyer.

House Republicans made another move they also deny is a gimmick, passing a bill that would cut off Senators' salaries if Democrats fail to propose a budget.

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