Debt Limit Suspension.
This bill (S. 540), entitled the \”Temporary Debt Limit Extension Act,\” would suspend the national debt limit on federal debt through March 15, 2015 – the temporary aspect of the legislation. But the additional debt accumulated between enactment of this bill and March 15, 2015 would not be \”temporary,\” since on the following day the legislation would automatically re-establish the debt limit at a higher level, reflecting the additional debt.
The Senate passed S. 540 on February 12, 2014 by a vote of 55 to 43 (Roll Call 34). We have assigned pluses to the nays because the federal government should live within its means, suspending the debt limit is even worse than raising it, and most of the spending responsible for the ballooning national debt is unconstitutional. (The House passed this bill on February 11; see House vote below.)
[ This bill (S. 540), entitled the \”Temporary Debt Limit Extension Act,\” would suspend the national debt limit on federal debt through March 15, 2015 – the temporary aspect of the legislation. But the additional debt accumulated between enactment of this bill and March 15, 2015 would not be \”temporary,\” since on the following day the legislation would automatically re-establish the debt limit at a higher level, reflecting the additional debt. ]
