Washington ( CNN ) -- The Democratic-controlled Senate passed legislation on Thursday extending the federal government 's ability to borrow new money through mid-May , delaying a partisan standoff that some analysts warn could derail a fragile economic recovery . The bill , which passed in a 64-34 vote , cleared the Republican-run House of Representatives last week . It now advances to President Obama 's desk to be signed into law . While the measure suspends Washington 's $ 16.4 trillion debt ceiling through May 19 , some budget analysts estimate it will give the U.S. Treasury the ability to meet all federal spending obligations through at least the end of July . In exchange for temporarily suspending the debt ceiling , the bill requires lawmakers in both chambers of Congress to pass a budget by mid-April or have their pay withheld . The requirement was added at the insistence of congressional Republicans , who wanted to highlight the failure of Senate Democrats to pass a budget resolution since 2009 . Democrats note that such resolutions are not binding , and insist they would have been superseded by the 2011 Budget Control Act , which established budgetary restrictions for the last two fiscal years . Top Capitol Hill Democrats have been divided over the bill . Some railed against the pay withholding provision -- calling it a political gimmick -- while others supported the measure as a whole because it removes an immediate threat of default and at least temporarily divorces the debt ceiling from GOP spending cut demands . For their part , top Republicans have essentially conceded that a fight over raising the debt ceiling is not the best political avenue for achieving their twin deficit and spending reduction goals . Most political analysts believe that a 2011 debt ceiling fight , which led to the passage of the Budget Control Act , did not play to the GOP 's political advantage . That partisan fight led to a downgrade in the gold-plated U.S. credit rating and was thought to have slowed the fragile economic recovery . Beyond the debt ceiling , the House and Senate will be forced to grapple shortly with two other polarizing budget-related deadlines . If Congress fails to act by March 1 , a pending sequester will trigger roughly $ 1 trillion in new defense and non-defense cuts over the next decade -- cuts generally disliked on both sides of the aisle . In addition , federal funding for the current fiscal year is currently set to expire on March 27 , forcing a government shutdown unless Congress can agree on at least a new temporary spending package . Jeanne Sahadi and Ted Barrett contributed to this report .
Congress passes bill suspending federal debt ceiling until May 19 . Obama likely to sign the bill , which also passed the Senate . Obama requires lawmakers to pass budget resolutions by May 19 or have pay withheld . Senate also confronting budget sequester and government funding deadlines .