GOP plan would raise debt limit until January

A trio of centrist Senate Republicans is pushing a plan to reopen the government for six months, extend the debt ceiling until Jan. 31, 2014 and make reforms to ObamaCare.

Sen. Susan CollinsSusan CollinsStoddard: Can Trump close the deal with the GOP? The Trail 2016: And then there was one Maine Republican senator suggests she could back Trump MORE (R-Maine) is spearheading the proposal along with Sens. Kelly AyotteKelly AyotteStoddard: Can Trump close the deal with the GOP? Trump plans visit to Capitol Hill Ayotte alarmed by sped-up Gitmo reviews MORE (R-N.H.) and Lisa MurkowskiLisa MurkowskiActivists target Google employees over GOP convention plans The Hill's 12:30 Report Bishop eyes new Puerto Rico bill after recess MORE (R-Alaska).

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It would address Tea-Party conservatives concerns over Medicare by delaying the medical device tax for two years and creating an income verification program under the Affordable Care Act to ensure only eligible individuals receive subsidies on the insurance exchanges.

The delay of the Medical Device Tax would be paid for by extending pension smoothing provisions contained in the highway transportation bill, MAP-21, that Congress passed in 2012. Pension smoothing allows the government to spread out pension losses over extended time periods.

Many Republicans, however, called for a full repeal of the tax.

An amendment repealing the device tax passed the Senate earlier this year by a vote of 79 to 20.

The plan would fund the government at an annual rate of $986 billion for six months and extend the debt limit until the end of January. 

It would also create a Senate-House conference on the budget and instruct conferees to report their work by Jan. 15, 2014. This element of the proposal, however, is still under discussion.

The Senate will vote Saturday on a clean 14-month extension of the debt limit sponsored by Senate Majority Leader Harry ReidHarry ReidThe Trail 2016: GOP stages of grief Dems slam Trump over taco bowl tweet Reid: GOP is the party of Trump MORE (D-Nev.). Republicans are expected to block it.

This story was corrected at 11:13 a.m.