Senate

"The president has failed to provide Congress with a compelling rationale" for activity in Libya, it says.

Sen. Rand Paul (R-Ky.) on Wednesday brought an amendment to the Senate floor that would increase the federal debt ceiling by $2.4 trillion without any spending conditions. 

"This will comply with the President’s budget," said Paul from the floor. "Many on the other side have asked for a clean vote on the debt ceiling and because I really want to get along I want to make this vote available to those who want to raise the debt ceiling. I will vote no but I wanted to do this in consideration of the majority’s wishes.” 

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The Senate will consider an amendment to delay new rules on debit-card fees, a battle pitting banks against retailers.

House Financial Services Committee ranking member Barney Frank (D-Mass.) announced his support Wednesday for Sen. Jon Tester’s (D-Mont.) amendment that would delay limits on debit-card fees charged to businesses.

“I think it’s a good, balanced, compromise approach," said Frank, a chief architect of last year's Wall Street reform bill. "I support it and I hope it will pass.”

Senate Minority Leader Mitch McConnell (R-Ky.) on Wednesday accused President Obama of doing "everything he can behind the scenes to block [energy] production" and "kill energy-related jobs."

“He publicly claims to support greater domestic production and the jobs that come with it, even as he seems to do everything he can behind the scenes to block production and to kill energy-related jobs here at home," accused McConnell from the Senate floor.

Sen. Rand Paul (R-Ky.) on Tuesday introduced an amendment to the Economic Development Revitalization Act that would increase the federal debt ceiling by $2.4 trillion, which Paul is hoping will demonstrate the lack of support for a clean increase without further spending curbs.

Paul's proposed increase in the debt ceiling to $16.7 trillion is similar to a House Republican increase that failed in a 318-97 vote in late May. That bill was also designed to demonstrate to Senate Democrats and the White House that the debt ceiling can only be raised as part of a plan to reduce overall spending levels.

Wednesday's planned Senate vote on whether to delay limits on debit-card fees charged to businesses has split Senate Democrats, which is forcing a more cautious debate in the upper chamber as members approach a 2 p.m. vote.

Sen. Dick Durbin (D-Ill.) has argued strenuously all week against delaying limits on fees, but cautioned on Wednesday morning that this opposition should not be read as a more serious dispute between himself and Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.).

"Any remarks that I make today are no reflection on them at all," Durbin said. "I think they're both honorable people who are standing tall for their point of view, which I happen to disagree with.

The Senate meets at 9:30 a.m., and soon after will resume consideration of S. 782, the Economic Development Revitalization Act.

Overshadowing the bill is an amendment that would delay a rule limiting the fees banks can charge business owners in debit card transactions. The amendment, from Sen. Jon Tester (D-Mont.), would delay the rule for one year and require a study of how the rule might affect smaller banks.

Controlling spending and reducing the deficit are as crucial as winning the future, the administration said.

The Senate is scheduled to vote on an controversial amendment to curb new limits on debit card fees at 2 p.m. Wednesday.

The proposal has been subject to a heavy lobbying fight between banks, who support it, and retailers, who oppose it and want to see the fee limits take effect in July as called for in last year's Dodd-Frank law.

Sens. John Tester (D-Mont.) and Bob Corker (R-Tenn.) have been working hard to garner the 60 votes needed to approve the amendment, which would halve how long the new limits would be delayed, to 12 months from the original two-year delay proposed by Tester.