House to Vote on Three Month Debt Limit Increase on Wednesday
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The House Republicans will vote on their bill to increase the debt limit on Wednesday according to the AP. The bill can currently be viewed on the House Committee on Rules websiteand they will hold their hearing on it tomorrow.
Interestingly, the bill unlike previous debt ceiling bills doesn’t increase the limit by a specific amount of money. Instead it allows the Treasury to borrow money as necessary until May 19th. This is a real departure from past norms.
The bill would also require members of Congress to approve of a budget by April 15th or face having their pay suspended. If a House of Congress does not approve a budget by then, their income will be held in escrow accounts until they do pass a budget or until this Congressional term ends.
This strange pay delay rule is meant to try to get around the 27th Amendment which states, “No law, varying the compensation for the services of the Senators and Representatives, shall take effect, until an election of Representatives shall have intervened.” It is an interesting legal question if suspending pay potentially for over a year should be considered “varying the compensation.”