As widely expected, the House today voted to suspend the debt limit until May.http://www.rollcall.com/news/debt_limit_extension_bill_passed_by_house-221034-1.html
I am fascinated by this approach for a number of reasons.
First, from a strategic point of view, the goal for the Republicans is to have the Dems and WH focus on sequester and budget, then deal with the debt limit later.
Second, what the bill does is not "raise the debt limit" but instead literally "suspends the debt limit" until May, at which point the debt limit will be reimposed at whatever level it has gone up to. I find this fascinating because in principle, Congress could pass all sorts of spending between now and May, then, by law, the spending limit will cover that extra spending....