The Senate has passed a “No Budget No Pay” bill authorizingÂ a temporary suspension of the current debt limit of $16.4 trillion through May 18.
According to a NextGov article, the bill was given that name because it contains a provision which would prevent lawmakers from being paid if Congress fails to pass a fiscal 2014 budget by April 15.
The House of Reps passed the same bill last week, and now it will be sent to President Barack Obama to sign into law.
Due to the new legislation, the federal debt limit will increase by approximatelyÂ $450 billion, according to aÂ Bipartisan Policy Center study.
According to the article,Â lawmakers earn an annual salary of $174,000, while party leaders make more.