The House of Representatives has approved a GOP plan to extend the debt ceiling till May 19. The vote, 285-144, was pretty much along party lines.
The Senate has indicated it will support the plan, and the President will sign it.
The GOP has decided to focus instead on the upcoming sequester and the expiration of the continuing budget resolution as a way to force spending cuts. They believe there will be less political fallout from proceeding this way rather than fighting over the debt ceiling.