By Ramsey Cox - 10/11/13 03:36 PM EDT
Treasury and the White House have warned that if the limit is not lifted by Oct. 17, the government could default on its debt, leading to a recession.
Republicans have proposed a short-term debt-ceiling extension to allow time to negotiate spending cuts in exchange for a larger debt-limit increase. Reid opposes a short-term extension because he said it would cause another crisis at Christmas time.
Reid has set up a vote on a “clean” debt-ceiling bill that would allow the government to continue to borrow money through the end of 2014, but Republicans have rejected that proposal, saying they want major spending cuts and entitlement reform before they’ll agree to increasing the debt limit by another $1 trillion.