The U.S. House has passed a bill on the debt limit, extending it through May 18. The bill contains a provision that pushes lawmakers to pass a budget bill by April 15. The 'No Budget, No Pay' provision calls for lawmakers from each chamber to pass a budget bill by April 15 or face a suspension in pay. The U.S. Senate has not passed budget bill in almost four years. The bill, which did not include the spending cuts Republicans said was necessary for them to have in order to pass legislation that extends or raises the debt limit, passed by a 285-144 vote.

The White House says the vote is a "welcome development", with spokesman Jay Carney adding that ""ideally we would extend, raise the debt ceiling for a long period of time."