The House on Wednesday passed the "No Budget, No Pay Act," a Republican bill that would effectively defuse the debt ceiling threat for several months.

The bill would let the Treasury Department borrow new money until mid-May. In exchange, the legislation would require lawmakers in both chambers of Congress to pass a budget resolution or have their pay withheld until they do.

The vote was 285 to 144. The bill passed largely on the back of GOP support -- 199 Republicans voted for it. But Democrats were needed, and 86 backed the measure.

Most House Democrats, however, voted against the bill. Minority Leader Nancy Pelosi called the salary provision a "joke" and Minority Whip Steny Hoyer called the bill a "political gimmick" that perpetuates uncertainty.

For more visit: http://money.cnn.com/2013/01/23/news/economy/debt-ceiling-house-republicans/index.html