House Passes Measure Suspending Debt Ceiling
The House of Representatives has effectively eliminated the U.S. government's debt ceiling for spending.By passing House Resolution 325, the maximum amount of debt the U.S. government is allowed to carry is no longer capped. HR 325 suspends the ceiling until May 19, 2013, but critics say it may never be re-instated.
Americans for Limited Government, a large conservative political watchdog organization, blasted the move:
"This is a partial repeal of representative government. Through the elimination of the debt ceiling, even just until May 19, the American people now have no say in the amount of debt the government contracts. The only say whatsoever representatives had on the some 60 percent of the $3.7 trillion budget that operates on autopilot, which includes Social Security, Medicare, and other forms of so-called 'mandatory' spending, was the periodic vote on increasing the debt ceiling.
Now that it has been suspended, the debt ceiling may never be reinstated. All the Senate needs to do now come May 19 is again threaten default should the debt ceiling suspension not be indefinitely extended. Under those circumstances, House Republican leadership is likely to fold under even the slightest pressure."
According to the National Review online, HR 325 is a sort of compromise to GOP House Speaker John Boehner who is pushing a Republican budget that he says will balance the budget in 10 years. Congressman Paul Ryan will lead the effort to get the budget through. However, due to the Democrat-controlled Senate and the White House, it is not likely to become law.