Plan to suspend enforcement of debt limit until May 18.
J. Scott Applewhite/AP
Looks like Washington is still licking its fiscal cliff wounds. President Obama announced Tuesday that he “will not oppose” the House Republicans’ new proposal to suspend enforcement of the federal debt limit until May 19. The measure—which will be brought to the House for a vote Wednesday—would give the Republicans "breathing room" in order to avoid another debt-limit confrontation with Obama. Under the proposal, the government's legal borrowing limit of $16.4 trillion would remain the same until May 18. If successful, the approach will be the first of its kind to succeed since WWII.
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