Senate Democrats unveil debt limit plan

Reuters News
Posted: Jul 25, 2011 2:53 PM
Senate Democrats unveil debt limit plan

WASHINGTON (Reuters) - Senate Democrats on Monday offered a $2.7 trillion spending-cut plan that includes large savings from domestic and defense programs to try to break the impasse over raising the government's $14.3 trillion debt limit.

According to a factsheet on the upcoming legislation, the measure also includes $1.2 trillion in savings that Democrats say Republicans already had agreed to. Other savings are envisioned in programs including agriculture and housing, as well as from lower interest payments.

It also would provide enough new borrowing authority to meet the government's needs through 2012.

(Reporting by Richard Cowan and Andy Sullivan)