Debt Ceiling: Senate Seeks To Break Impasse

Written By Unknown on Selasa, 08 Oktober 2013 | 20.18

Senate Democrats will put forward a measure to raise the federal debt ceiling, trying to break a political impasse that could lead the US to default on its debt.

The majority leader in the upper house, Harry Reid, could unveil the stand-alone measure to raise the debt ceiling as early as today, setting the table for a vote later in the week.

The measure is expected to provide enough borrowing room to last beyond the 2014 election, which means it is likely to permit $1trn (£622bn) or more in new borrowing above the current $16.7trn (£10.39trn) debt ceiling.

The administration says the current ceiling will be hit on October 17.

It is not clear whether Mr Reid's gambit will work. Republicans, who control the House, are expected to oppose the measure if it does not contain budget cuts to make a dent in deficits.

But some Democrats are betting that a bipartisan majority on a "clean" debt-limit increase exists.

Protesters display placards during a demonstration in front of the US Capitol The shutdown is frustrating citizens

The latest move on Capitol Hill came as the partial federal shutdown entered its second week with no end in sight - and much attention shifting to the debt-ceiling battle.

The shutdown was sparked by House Republicans' insistence that a temporary funding bill contain concessions on President Barack Obama's signature health care law, known as Obamacare.

It has put some 800,000 on unpaid leave, shut down national parks, museums and tourist attractions such as the Statue of Liberty and Alcatraz.

Even the White House is working with a "skeletal" staff, and agencies, including NASA, are mostly shuttered.

House Speaker John Boehner has ruled out any measure to finance and reopen the government or raise the borrowing limit without concessions from Mr Obama.

"Really, Mr President, it's time to have that conversation before our economy is put further at risk," Mr Boehner said on the House floor.

US Shutdown Some 800,000 'non-essential' workers are on unpaid leave

But Mr Obama has resisted that approach, saying he will not negotiate until Congress fulfils its basic responsibility of reopening the government and keeping it solvent.

The prolonged political wrangling in Washington appears to frustrate citizens and business leaders alike.

A survey by The Washington Post and ABC News found that 70% of Americans disapprove of the way Republicans are handling budget negotiations, up from 63% last week.

Disapproval of Mr Obama's role was unchanged at 51%.

Starbucks Chairman and CEO Schultz speaks during a news conference at a hotel in Bogota Howard Schultz is trying to ratchet up the pressure on Capitol Hill

Meanwhile, the CEO of Starbucks has urged fellow business leaders to ratchet up the pressure on Washington to end the stalemate.

Howard Schultz wrote in a letter posted on the company's website that he was "utterly disappointed by the level of irresponsibility and dysfunction we are witness to with our elected political leadership."

"This weekend I heard from several business leaders who shared their concern about our relative silence and impact in urging the political leadership to act on behalf of the citizenry," he said.

"It is our responsibility to address the crisis of confidence that is needlessly being set in motion."

 "I don't pretend that both parties are equally to blame for this crisis. But I do think they are equally responsible for leading us to a solution," Mr Schultz said.


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