House Republicans Unveil Measure To Suspend Debt Ceiling Until May 19

House Republicans on Monday unveiled legislation that will suspend the debt ceiling until mid-May, setting the stage for a floor vote as soon as Wednesday.

The House Rules Committee posted the text of the legislation as Washington prepared for President Obama’s second inauguration. In addition to preventing default, the bill would withhold members’ pay if Congress fails to pass a budget by April 15.

The Rules Committee will hold an emergency meeting to discuss the legislation Tuesday, setting up a vote as soon as Wednesday on the House floor. 
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