US Senate Democrats craft new debt limit bill

July 25, 2011 01:46

WASHINGTON - Democrats in the US Senate have developed a plan that would achieve around $2.5 trillion in savings over 10 years and provide the same increase to the Treasury Department's borrowing authority to take it through 2012, a senior Senate Democratic aide told Reuters.

The plan, which relies purely on spending cuts to reduce annual deficits, will be reviewed momentarily at the White House and still must be presented to rank-and-file Democrats. But Senate Majority Leader Harry Reid, a Democrat, hopes to send the measure to the Senate floor for passage early this week, according to the aide.

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