According to FoxBusiness the House vote is eminent on extending the debt ceiling for 4 months. Within the next few minutes or so, the House will suspend the debt ceiling until May 19th. If the House and Congress do not have a budget by April 15th, their salaries will get suspended for 4 months and be held in escrow until they pass a budget.
This is very good news that the Senate will have to pass the budget, especially since the last time they did this was 4 years ago. Not so good news is that there are no spending cuts in this interim budget. A total of 218 votes are needed to pass.
There are still major differences between Democrats and Republicans. Obamacare’s $500 billion in taxes are kicking in but Medicare will go bankrupt in 12 years if nothing is done.
The most important thing is that the U.S. needs to get the fiscal house in order.
Do you think it is about time the members of U.S. Senate produces a much needed budget?