On January 31, the Senate passed the No Budget No Pay Act (HR 325) by a vote of 64-34. The bill, which was passed by the House on January 23, temporarily suspends enforcement of the federal debt limit, currently $16.4 trillion, through May 18, 2013. Under the provisions of the measure, on May 19, the debt limit would automatically increase to reflect the additional borrowing that took place during the suspension period, and normal enforcement of the borrowing limit would resume. The House measure also aims to restore the traditional federal budget process and pressure the Senate to take up a budget by requiring both chambers of Congress to adopt a fiscal 2014 budget resolution by April 15. If either chamber fails to meet this deadline, members of that chamber will not receive paychecks. The salary payments would be held in escrow until the end of the 113^th session of Congress in early 2015. The bill now moves to President Obama for his signature and the President is expected to sign the measure into law soon.

Link: HR 325