Obama signs debt ceiling suspension, ‘No Budget, No Pay’ into law
- By Eric Katz February 5, 2013
President Obama has signed Congress’ temporary debt ceiling suspension into law, including the “No Budget, No Pay” provision.
The law will lift the current debt limit of $16.4 trillion through May 18, allowing the federal government to continue borrowing to pay its bills until then. It also prohibits lawmakers from getting paid should they fail to pass a fiscal 2014 budget. The funds would be held in an escrow account until the budget was passed. If an agreement is not reached, the salaries would resume at the start of the 114th Congress in January 2015. Continue reading “Obama signs debt ceiling suspension, ‘No Budget, No Pay’ into law”