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.

The head of the House Democrats' campaign operation said the GOP plan is a "risky privatization" scheme.

Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.) unveiled a reworked version of their effort to curb new limits on debit card fees Tuesday, as they work to garner the 60 votes needed to approve the amendment.

The new amendment would halve how long the new limits would be delayed, to 12 months from the original two-year delay proposed by Tester. It also would call for regulators to conduct a six-month study of all the costs associated with debit transactions, the impact of the rules on consumers, and whether small financial institutions can be properly exempted from the limits as envisioned by the Dodd-Frank financial reform law.

A vote on the amendment could come sometime this week.

Rep. Barney Frank (D-Mass.) has asked President Obama to veto the National Defense Authorization Act (NDAA) if it contains language that delays the end of the "don't ask, don't tell" policy that prohibits gay service members from openly declaring their sexuality.

Frank made the request in a letter to Obama also signed by three other House Democrats. 

"We believe it would therefore be extremely useful for you to make clear that if the final bill presented to you does include these sections, which would undermine the end to discrimination in the military, that you will veto the bill on that ground," the letter states. 

Sen. Dick Durbin (D-Ill.) took advantage of a procedural rule to poke fun at a colleague while, quite seriously, opposing his measure to delay limits on debit card transaction fees.

Durbin is the champion of a provision of the financial reform law that empowers the Federal Reserve Board to set limits on what financial institutions may charge for debit card transaction, or swipe, fees. Those limits are to be imposed in July.

Sen. John Tester (D-Mont.) is the sponsor of an amendment that would delay the imposition of the limits for 15 months. Read more...

Rep. Diane Black (R-Tenn.) and 76 House freshmen on Monday called on President Obama to develop a plan for addressing the looming debt ceiling crisis in a way that can be supported by House Republicans.

"[Y]our Administration has yet to come forward with a detailed plan that reduces the national debt and addresses entitlement reform," the members wrote. "It is vital that for serious negotiations to take place your Administration must put forward a plan that addresses entitlement reform, including Medicare. We cannot have honest and forthright negotiations without such a plan."