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IPFS News Link • Government Debt & Financing

Update: House Votes 285-144 To Raise Debt Ceiling 4 Months; Now Unlimited?

• Daily
 The House overwhelmingly passed a bill Wednesday to permit the government to borrow enough money to avoid a first-time default for at least four months, defusing a looming crisis setting up a springtime debate over taxes, spending and the deficit.

The House passed the measure on a bipartisan 285-144 vote as majority Republicans back away from their previous demand that any increase in the government's borrowing cap be paired with an equivalent level of spending cuts.

[There is in fact no longer a numerical borrowing limit, since no new spending limit was put into this bill.]