Forget about raising the federal debt limit: House Republicans are proposing to ignore it altogether — at least until May 18.
The House planned to vote Wednesday on a measure that would leave the $16.4 trillion borrowing limit intact but suspend it from the time the bill passes until mid-May. The declaration that the debt ceiling "shall not apply" means the government could continue borrowing to cover its obligations to creditors until May 18.
This approach — novel in modern times — would let Republicans avoid a potentially disastrous fight over the debt limit without actually voting to allow the Treasury borrow more money.