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Senate To Accept GOP Debt-Ceiling Plan

Amanda Martinez |
January 23, 2013 | 10:49 a.m. PST

Executive Producer

 

Senate Majority Leader Harry M. Reid and his team said they would accept the latest offer put forth by the GOP. (Center for American Progress Fund/Flickr)
Senate Majority Leader Harry M. Reid and his team said they would accept the latest offer put forth by the GOP. (Center for American Progress Fund/Flickr)
Senate Democrats said Wednesday they will accept the House GOP plan to extend the debt-ceiling plan, which would delay default on the nation's debt.

The new plan would halt the current debt limit of $16.4 trillion, allowing the Treasury to continue borrowing through May 18. This would then buy an additional month or two of time to manage the debt.

The deal was brokered in part because House Speaker John Boehner dropped all demands that every dollar in increased borrowing authority be met with a corresponding dollar in spending cuts.

If the House passes the new deal, the Senate could commit within the next week, one month ahead of when the debt-ceiling limit is slated to hit.

Read the full story at the Washington Post.

For more of Neon Tommy's coverage on the debt-ceiling click here.

Reach Executive Producer Amanda Martinez here.

 



 

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