STOCK MARKET WATCH -- Tuesday, 8 October 2013

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24. Senate Democrats Are Going To Force Republicans To Filibuster A Debt Ceiling Hike

http://www.businessinsider.com/senate-democrats-are-going-to-force-republicans-to-filibuster-a-debt-ceiling-hike-2013-10

WASHINGTON (AP) — Democrats controlling the Senate are planning to try to pass a stand-alone measure to increase the government's borrowing cap, challenging Republicans to a filibuster showdown that could unnerve financial markets as the deadline to a first-ever default on U.S. obligations draws closer.

A spokesman said Senate Majority Leader Harry Reid could unveil the measure as early as Tuesday, setting the table for a test vote later in the week. The measure is expected to provide enough borrowing room to last beyond next year's election, which means it likely will permit $1 trillion or more in new borrowing above the current $16.7 trillion debt ceiling that the administration says will be hit on Oct. 17.

The development came as a partial shutdown of the government enters its second week with no end in sight.

It's not clear whether Reid's gambit will work. Republicans are expected to oppose the measure if it doesn't contain budget cuts to make a dent in deficits. The question is whether Republicans will filibuster the measure.



Read more: http://www.businessinsider.com/senate-democrats-are-going-to-force-republicans-to-filibuster-a-debt-ceiling-hike-2013-10#ixzz2h88tRyDh