Senate Democratic leaders proclaimed victory in the long-running battle over the debt ceiling and described House Republicans as being in “full-on retreat” on fiscal policy.

U.S._Dollar_Blue_Eagle_SmallThe Senate will immediately pass a House bill to extend the federal debt limit to May 19 on condition that both chambers pass budget resolutions by mid-April, according to Senate Majority Leader Harry Reid (D-Nev.).

Democrats touted victory on two fronts. They claimed Republicans have agreed to raise the debt limit without threatening to force a partial government shutdown or default and to break the Boehner Rule, named after Speaker John Boehner (R-Ohio), which calls for spending cuts to match increases in the debt limit dollar for dollar.

“Today I’m pleased that Speaker Boehner’s House colleagues have decided to change course and pass a bill that diffuses yet another fight over the debt ceiling,” Reid told reporters.

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Source: Alexander Bolton | The Hill | January 23, 2013