The US House of Representatives has passed a bill to extend the country's debt limit until May, deferring the budget debate for a few months at least.

BBC: US economy shrinks a surprise 0.1% in fourth quarter

Just yesterday, the Secretary of the Treasury once again asked Congress to remove the debt limit from the budget bill or, at the very least, to extend it through mid January.

CNN: Transcript of President Clinton's weekly radio address

To avoid the debt limit crisis, Congress could also extend federal borrowing authority for one year to give lawmakers time to turn those goals into law, then increase it for another year once the spending and tax changes are adopted.

FORBES: A Budget Deal Is Staring Them In The Face. Here's Why Congress Won't Take It In 2013.