Today the Senate approved a three-month suspension of the National Debt limit with a 64-34 vote, enabling the Treasury to continue borrowing money in order to prevent the U.S. from surpassing the debt limit until May 19th. ( Huffington Post )
This bill will help temporarily postpone another forthcoming debt crisis, and will also require the Senate to do some work as well. The new bill was passed on the condition that the Senate is forced to draft a national budget. If the Senate fails to write a budget, the Senate member's'salaries will be withheld.
This provision was presented by the House GOP to the Senate in order to force Senate Democrats to formally pass a budget resolution; which has not been done in the last four years.
"Because of the efforts of House Republicans, Senate Democrats are now required to do their job for the American people and pass a budget, or lose their pay. Now Senate Democrats should take the task seriously and present a plan that balances the budget and responsibly addresses the government's speding problem" - House Speaker, John Boehner
What do you think about the Senate's reluctance to pass a formal budget? Do you think that increasing the debt limit helps the U.S?
more information here and an awesome video explaining the U.S. debt limit