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House votes to defuse debt limit crisis

The House overwhelmingly passed a bill Wednesday to permit the government to borrow enough money to avoid a first-time default for at least four months, defusing a looming crisis setting up a springtime debate over taxes, spending and the deficit.

By Andrew Taylor | Updated on January 23, 2013
Speaker of the House John Boehner, R-Ohio, and the House GOP leadership speak to reporters, at the Capitol in Washington, Tuesday, Jan. 22, 2013. (AP Photo/J. Scott Applewhite)

WASHINGTON (AP) — The House overwhelmingly passed a bill Wednesday to permit the government to borrow enough money to avoid a first-time default for at least four months, defusing a looming crisis setting up a springtime debate over taxes, spending and the deficit.

The House passed the measure on a bipartisan 285-144 vote as majority Republicans back away from their previous demand that any increase in the government’s borrowing cap be paired with an equivalent level of spending cuts.

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