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Officials: Senate Democrats working on debt limit bill

12:59 PM, Oct 7, 2013   |    comments
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WASHINGTON (AP) - Officials say Senate Democrats intend to introduce legislation by the middle of the week that would raise the nation's debt limit without the type of unrelated conditions Republicans have said they want to add.

The emerging measure is likely to allow President Barack Obama to raise the borrowing limit on his own authority, although it could be blocked if both houses vote to do so.

Republicans have said they want long-term deficit cuts or reforms to benefit programs and perhaps a rollback in environmental rules as the price for raising the current $16.7 trillion debt limit.

But President Obama has ruled out negotiations on the measure, although he has said he is willing to discuss fiscal and other issues with the GOP once the weeklong partial government shutdown is over and the Treasury is free to borrow again.

Treasury Secretary Jacob Lew says the government will hit that limit within 10 days, if Congress does not take action.

 

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