Posted: Oct 8, 2013 7:33 AM
Updated: Oct 8, 2013 7:33 AM
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.