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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
2/4/2013--Public Law. No Budget, No Pay Act of 2013 - Suspends through May 18, 2013, the current $16.394 trillion public debt limit.
Makes a special rule relating to obligations issued during the suspension period. Revises the discretionary increase in the public debt limit by the Secretary of the Treasury, under current law, subject to a congressional resolution of disapproval, upon submission to Congress of required presidential certifications that the debt subject to limit is within $100 billion of the limit and further borrowing is required to meet existing commitments.
Substitutes for this discretionary increase, effective May 19, 2013, an automatic increase in the public debt limit, but only to the extent that: (1) the face amount of obligations issued and the face amount of obligations whose principal and interest are guaranteed by the federal government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on May 19, 2013, exceeds (2) the face amount of such obligations outstanding on the date of enactment of this Act.
Prohibits an obligation from being taken into account unless its issuance was necessary to fund a commitment incurred by the federal government that required payment before May 19, 2013.
Requires the appropriate payroll administrator of each house of Congress to deposit in an escrow account all mandatory payments for compensation of Members of Congress serving in that house if by April 15, 2013, that house has not agreed to a concurrent budget resolution for FY2014. Requires release to those Members of such payments after April 16, 2013, only upon the earlier of: (1) the day on which that house agrees to a concurrent budget resolution for FY2014, or (2) the last day of the 113th Congress.