H.R. 325 suspends the debt ceiling through May 18, and is set to withhold lawmakers’ pay if they don’t pass a budget by April 15.
The legislation, which passed the U.S. House of Representatives in January, will now move to the White House for President Barack Obama’s signature. The President is expected to sign it without delay.
Chambliss and Isakson did vote in favor of two amendments they hoped would be included in H.R. 325, but both Dollar-for-Dollar Deficit Reduction Act (S.43) and the End Government Shutdowns Act (S.29) were tabled.
“Many of us have long argued that Congress must make the hard choices to address this issue immediately, and that includes meaningful spending cuts,” said Chambliss in a statement. “Today’s amendments would have helped rein in our out-of-control debt and deficit, and I am disappointed that they did not have the support necessary for passage.”
S.43 would only allow Congress to raise the debt limit if spending cuts were included in the same legislation, while S. 29 would prevent last-minute budget deals and end the threat of government shutdown during budget talks.
“It is critically important that we get our nation’s fiscal house in order and make meaningful spending cuts so we do not continue to mortgage our children’s and grandchildren’s futures,” said Isakson. “The American people are extremely frustrated with Congress and President Obama’s routine of kicking the can down the road and then ramming through haphazard deals at the eleventh hour to avert a government shutdown or fiscal cliff.”
Click here to read the full statement on S. 43 and S. 29.