Government

House-Passed Debt-Limit Bill Awaits Senate Vote

The Senate at ENR press time neared a vote on a House-approved measure allowing the U.S. to exceed its $16.4-trillion debt limit until May 18. If enacted, the bill would avert a financial crisis—temporarily.

On Jan. 14, Treasury Secretary Timothy Geithner notified Congress that between mid-February and early March, Treasury would exhaust interim steps to avoid default on the country's obligations.

The bill the House cleared on Jan. 23 doesn't specify a new debt-ceiling level but lets the U.S. incur debt needed to pay bills. It also requires lawmakers to pass budget measures by April 15 or have their pay put in escrow.

Pam Hunter McFarland was a Senior Editor of ENR and her expertise was: Sourcebooks, Environment, Labor

As ENR's former Washington Bureau Chief, Tom Ichniowski wrote about the federal government since the George H.W. Bush administration, and covered at least five major highway bills. A recognized expert on government policy on infrastructure and regulation, Tom is also a Baltimore native and Orioles fan who grew up rooting for Brooks and Frank Robinson. He is a graduate of Columbia College and Columbia’s graduate school of journalism, where he once used “unrelentless” in a headline.

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