Reid: Each hour that passes gets US closer to ‘calamity’

Lawmakers are at an impasse on how to pass a continuing resolution (CR) to fund the government, which has been shut down for more than a week. They are also working against an Oct. 17 deadline for raising the nation's borrowing limit. 

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Treasury and the White House have warned that if the limit is not lifted, the government could default on its debt, leading to a recession. President Obama has been meeting with lawmakers this week in an effort to find a deal.

Senate Republicans announced a new plan Saturday, but House Republicans rejected it.

The Senate will vote Saturday on whether to consider a plan from Reid that would allow the government to borrow another $1 trillion by the end of 2014, but Republicans are expected to block that proposal.

“[The debt ceiling] should be extended not for a couple weeks or couple months, but for a long time,” Reid said. “We shouldn’t have this fight.”

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