Senate Dems Plan to Introduce Debt-Ceiling Increase

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Oct. 7 (Bloomberg) -- Senate Democrats could introduce legislation as soon as today that gives President Barack Obama the authority to raise the debt ceiling unless two-thirds of Congress disapproves, according to a Senate Democratic aide. Phil Mattingly and Julianna Goldman report on Bloomberg Television's "Street Smart." (Source: Bloomberg)

What senator mitch mcconnell, the republican leader, per post in 2011. two thirds of congress opposes a debt ceiling increase and president obama will be able to get it.

This is a bit of an escape hatch . if at the last minute they do not have a deal on the 15th or 16th, potentially harry reid could move this to the point that john boehner could take it will stop they are calling on his bluff right now.

They do not have the votes in the senate or the house to move something like this to move a clean debt ceiling increase along.

Harry reid is saying, let's give it a shot.

Let's put something on the floor and move it.

Unclear how this affects the house republicans.

At least some type of movement in the senate.

Air are so many moving parts.

Let's bring in julianna goldman.

We heard from the president today.

What is it he has said about this debate and the potential new senate plan he is talking about?

That is right, the president took a drive over to fema headquarters.

We heard the same from him that we've heard all along, that he will not raise the debt ceiling.

That he will not have negotiations attached to the debt ceiling, it is just nonnegotiable.

The white house is now -- not opposed to the democratic plan in the senate.

It would inject some certainty into the situation, but it does not take away the problem of speaker john boehner insisting that the house will pass a clean debt ceiling increase.

The white house is continuing to talk about the consequences of a default.

This morning, gene sperling said it would be an extraordinary negative event for the global economy.

In his words, it would make the u.s. a detonation.

And he also said that there could be a short-term extension for maybe a week or two.

Short-term extensions are bad for the economy.

Ultimately, the bottom line is whether the short-term extension or long-term extension, the white house is not making any political concessions.

Thanks, guys.

This text has been automatically generated. It may not be 100% accurate.

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