Debt crisis averted – for now

Spring budget struggle looming

WASHINGTON (AP) – Retreating with a purpose, Republicans sped legislation through the House on Wednesday to avert the imminent threat of a government default but pointing the way to a springtime budget struggle with President Barack Obama over Medicare, farm subsidies and other benefit programs.

The current legislation, which cleared the House on a bipartisan vote of 285-144, would permit Treasury borrowing to exceed the limit of $16.4 trillion through May 18. As it passed, Speaker John Boehner pledged that Republicans would quickly draft a budget that would wipe out deficits in a decade, and he challenged Democrats to do the same.

The Democratic-controlled Senate is expected to approve the debt bill as early as Friday or perhaps next week. The White House welcomed the legislation rather than face the threat of a first-ever default at the dawn of the president’s second term in the White House.

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