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January 22, 2013

House bill would allow government to borrow through May 18

The House of Representatives will consider legislation to raise the nation's debt limit enough to pay bills through mid-May.

Legislation being considered Tuesday by the House Rules Committee would also suspend lawmakers' pay unless his chamber passes a budget by April 15. The funds would be placed in an escrow account, and released either when a budget is passed or on the last day of the current Congress in 2015.

No fixed debt ceiling is mentioned, but the legislation authored by Republicans would allow bills to be paid through May 18.

The full House could vote as soon as Wednesday.

Details of the legislation: http://docs.house.gov/billsthisweek/20130121/BILLS-113hr-PIH-DebtLimit201305.pdf

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MYOB Bookkeeper Sunshine Coast

I think this measure will be healthy for the government considering the financial needs of the country today. This will give the government enough time to pay everything that it has to pay.

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