House Republican leaders Friday announced that next week they would seek a three-month extension of federal borrowing, tied to the passage of a federal budget. If Congress fails to pass a budget by April 15, the pay of representatives and senators would be withheld.
"Next week, we will authorize a three-month temporary debt limit increase to give the Senate and House time to pass a budget," House Majority Leader Eric Cantor, R-Va., said in a statement, Reuters reported Friday.
"If the Senate or House fails to pass a budget in that time, members of Congress will not be paid by the American people for failing to do their job. No budget, no pay," he said on the last day of a House Republican retreat in Williamsburg, Va.
Joseph Lazzaro, U.S. Editor, served as Managing Editor of New York-based financial news web sites WallStreetEurope.com/WallStreetItalia.com, 1999-2004, and as Economics...