Senate Majority Leader Harry ReidHarry ReidThe DC bubble is strangling the DNC Dems want Sessions to recuse himself from Trump-Russia probe Ryan says Trump, GOP 'in complete sync' on ObamaCare MORE (D-Nev.) is moving legislation to push the debt limit until Dec. 31, 2014, well beyond next year’s midterm election.
Senate aides estimate the bill would increase federal borrowing authority by about $1.1 trillion.
The administration estimates the nation would hit the upper bounds of its $16.7 trillion debt ceiling on Oct. 17, although in recent days, experts have said that deadline might be flexible.
Senate Republican Leader Mitch McConnellMitch McConnellSenate confirms first nominees of Trump era The new Washington elite schmoozes over lunch Trump takes first official acts at signing ceremony MORE (Ky.) blasted Reid’s proposal for not including any spending reform.
“What he proposes is to raise the debt limit by $1 trillion but not do anything about the debt,” McConnell said. “Not a single reform to get spending under control. We’ve got a debt close to $17 trillion.
“Washington is borrowing nearly $2 billion — a day. And he’s fine with that,” he added.
Now it is Senate Democrats who don’t want to face double jeopardy before voters decide whether they get to keep their majority.
Obama undercut Democrats Tuesday when he announced he would be willing to sign a short-term debt limit extension into law.
Several Senate Republicans, including Sens. Lindsey GrahamLindsey GrahamThe Hill's 12:30 Report Graham: Trump would make mistake in not punishing Russia Graham to vote for Trump’s EPA pick MORE (S.C.) and Saxby ChamblissSaxby ChamblissWyden hammers CIA chief over Senate spying Cruz is a liability Inside Paul Ryan’s brain trust MORE (Ga.), said they might support clean short-term debt-limit extensions to give leaders more time to negotiate.
Graham suggested an extension covering the next 30 to 45 days.