House Passes Debt Ceiling Bill

Reid says Senate will as well

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, largely on the back of Republican support.