Senate Extends Debt Limit

It’s official: The government is not going to run out of money ... at least not until May. The Senate approved a three-month suspension of the debt limit Thursday, pushing back the deadline when the government can no longer borrow money until May 18. Without the extension, the government would have run out of money and been unable to meet its financial obligations in a matter of weeks. Congress is now tasked with drafting and approving separate budget resolutions by mid-April—otherwise their pay will be placed into escrow. President Obama, who reportedly wanted a longer-term extension, is expected to sign the legislation into law Thursday.