1/19/12: Yesterday, the House of Representatives passed a resolution (H J Res 98) to disapprove the third installment of the borrowing authority authorized by the August debt ceiling agreement by a vote of 239-176, mostly along party lines.
The President sent a request to increase the debt ceiling by $1.2 trillion last week. This was largely a symbolic vote, since even if the Democratically-controlled Senate were to vote to disapprove the increase, the President would veto the bill. Absent enactment of a disapproval resolution, the debt ceiling will be increased on January 27.
In the meantime, Treasury Secretary Geithner has indicated that he is once again suspending payments to the federal employee pension fund to avoid breaching the ceiling, but will make the fund whole once the debt ceiling is increased on the 27th.