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Senate Dems to try passing debt ceiling increase

3 years 2 weeks 13 hours ago October 08, 2013 Oct 8, 2013 Tuesday, October 08 2013 October 08, 2013 6:33 AM in News
Source: Associated Press

WASHINGTON - Democrats controlling the Senate are planning to try to pass a stand-alone measure to increase the government's borrowing cap, challenging Republicans to a filibuster showdown that could unnerve financial markets as the deadline to a first-ever default on U.S. obligations draws closer.

A spokesman said Senate Majority Leader Harry Reid could unveil the measure as early as Tuesday, setting the table for a test vote later in the week.

The measure is expected to provide enough borrowing room to last beyond next year's election, which means it will likely permit $1 trillion or more in new borrowing above the current $16.7 trillion debt ceiling.

The development came as a partial shutdown of the government enters its second week with no sign of ending.

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