WASHINGTON (AP) — Senate Democrats intend to introduce legislation by mid-week to raise the nation's debt limit without the type of unrelated conditions Republicans have said they intend to seek, officials said Monday, as the White House signaled it would accept even a brief extension in borrowing authority to prevent an unprecedented default.
The emerging measure is designed to assure no repetition of the current borrowing squeeze until after the 2014 elections. It is likely to allow President Barack Obama to raise the borrowing limit on his own authority, although it could be blocked if both houses vote to do so.
Depending on the Republican response, it could be the middle of next week before a final vote is taken on the measure, close to the Oct. 17 deadline that Treasury Secretary Jacob Lew has set for Congress to avert a possible default.
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