Senate Majority Leader Harry Reid (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 McConnell (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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