Reid wants to hike debt limit by $1T (Video)

Senate Majority Leader Harry ReidHarry ReidDems leery of Planned Parenthood cuts spark Senate scuffle Overnight Finance: Senate sends Puerto Rico bill to Obama | Treasury, lawmakers to meet on tax rules | Obama hits Trump on NAFTA | Fed approves most banks' capital plans Senate passes Puerto Rico debt relief bill 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 McConnellDems leery of Planned Parenthood cuts spark Senate scuffle Overnight Finance: Senate sends Puerto Rico bill to Obama | Treasury, lawmakers to meet on tax rules | Obama hits Trump on NAFTA | Fed approves most banks' capital plans Senate passes Puerto Rico debt relief bill 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.

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In 2011, President Obama insisted the debt limit be pushed until after the 2012 election so that he would not have to deal with it again before Election Day.

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 GrahamOvernight Defense: US blames ISIS for Turkey attack | Afghan visas in spending bill | Army rolls up its sleeves Senate panel passes bill that would create 4K visas for Afghans Trump: Rivals who don't back me shouldn't be allowed to run for office 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.