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Democrats in Senate consider debt plan. House deadlocked

Jul 29, 2011 11:08:00 AM - thestate.com
WASHINGTON_Senate Democrats Friday plan to begin consideration of their plan to cut federal deficits by $2.2 trillion and raised the debt limit through the end of 2012—as House of Representatives Republicans remained deadlocked over how to proceed with their own proposal.

As the fractured House GOP met behind closed doors Friday morning, Senate Majority Leader Harry Reid of Nevada said he will move ahead with his plan—even though it’s unlikely to draw many, if any, Republican votes.

“The deadline will not move,” he said of the deadline for raising the nation’s $14.3 trillion debt ceiling. Unless that ceiling is raised by Tuesday, the government will default, triggering an economic panic and probably throwing the nation back into recession.

“We have hours, I repeat, hours, to act,” said Reid, speaking on the Senate floor as he opened the Senate for business Friday. “That’s why, by the end of the day, I must take action on the Senate’s compromise legislation.”

Reid’s plan is similar to the House plan. Reid’s blueprint would cut about $750 billion from discretionary spending, or spending on programs like education and transportation that Congress can more easily control. He would also save $1 trillion from the winding down of the Iraq and Afghanistan wars. And he would create a bipartisan 12 member congressional committee to look for further savings.

USA, South Carolina: (Latest Stories)