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Reid wants to hike debt limit by $1T

October 9, 2013

Senate Majority Leader Harry Reid (D-Nev.) is moving legislation to push the  debt limit until Dec. 31, 2014, well beyond next year’s midterm election.

Senate aides estimate the bill would increase federal borrowing authority by  about $1.1 trillion.

The administration estimates the nation will hit the upper bounds of its  $16.7 trillion debt ceiling on Oct. 17, although in recent days experts have  said that deadline may be flexible.

Senate Republican Leader Mitch McConnell (Ky.) blasted Reid’s proposal for  not including any spending reform.

“What he proposes is to raise the debt limit by $1 trillion, but not do  anything about the debt,” McConnell said. “Not a single reform to get spending  under control. We’ve got a debt close to $17 trillion.

“Washington is borrowing nearly $2 billion — a day. And he’s fine with that,”  he added.

In 2011, President Obama insisted the debt  limit be pushed until after the 2012 election, so that he would not have to deal  with it again before Election Day.

Now it is Senate Democrats who don’t want to face double jeopardy before  voters decide whether they get to keep their majority.

Obama undercut Democrats Tuesday when he announced he would be willing to  sign a short-term debt limit extension into law.

Several Senate Republicans including Sens. Lindsey Graham (S.C.) and Saxby  Chambliss (Ga.) said they may support clean short-term debt-limit extensions to  give leaders more time to negotiate.

Graham suggested an extension covering the next 30 to 45 days.

Credit To:  Alexander Bolton / The Hill

http://thehill.com/blogs/on-the-money/budget/327363-reid-wants-1t-debt-hike-to-end-of-2014?utm_medium=referral&utm_source=pulsenews#ixzz2hEQKC0G8

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