Republicans post debt limit bill

House Republicans posted legislation to implement their #nobudgetnopay debt limit strategy today on the House Rules Committee website, setting up a Wednesday vote to authorize government borrowing to keep the federal government running through May 18th.

The proposed bill does not raise the debt limit by a set amount. Instead, it temporarily suspends application of the debt limit from enactment of the legislation through May 18th. And to prevent Treasury Tim Geithner from borrowing $4 trillion while the debt limit is suspended, the House also included a provision only guaranteeing as much new debt as is needed to keep the government running through May 19th.