Fox News
Expand
Browse All Video
Watch Live

You're watching...

Senate set to vote on debt limit increase

Details

  • Description

    Peter Doocy reports from Washington, D.C.

  • Duration 2:41
  • Date

Clips

Also in this playlist...

Latest News

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

So that's DC now where we are awaiting a senate vote on a measure to allow the US to take on more debt.

Suspending the nation's sixteen point four trillion dollar borrowing limit and adding about 450 billion in new debt.

Just crank up -- credit card their folks Peter -- is live in Washington so is this -- expected to pass today Peter.

It is Smart and that's really interesting because down in the house where it also passed.

Democrats largely did not support this measure since it includes the no budget no pay provision which Republicans came up with.

To support raising the debt limit and -- may eighteenth as long as lawmakers stop.

Receiving paychecks and tell the chamber they serve -- Passes a budget the democratic majority leader senator Harry Reid called it a gimmick but he also said it's important so it should get the sixty votes it needs.

Republican senator Rob Portman plans to offer an amendment to the bill later today.

Calling for a dollar and cuts for every dollar of the debt limit goes up.

That amendment state.

It's unclear but Portman argues in this is a quote Washington cannot continue to raise the debt limit while kicking the can down the road on deficit reduction.

In order to spur job creation and get our economy back on the right track we must restore fiscal responsibility and it starts.

By stopping Washington's reckless pattern spending money we don't have and votes should start in the senate in about three hours Martha.

Hand -- it in to see whether or not there's any movement on that hasn't been a whole lot of agreement on the fact that we need -- perhaps do some spending cuts along with best.

So raising the debt limit.

You know what what kind of impact would that have on the economy is there an idea that perhaps of concern over this -- held things back to any extent.

The White House Martha said yesterday that the possibility of the United States defaulting on its obligations.

It's a drag on the economy but they also said so with the threat of the sequester and those 110 billion dollars and across the board cuts have still not.

Been avoided.

We've already seen.

You know data that reflects.

In most economists' estimates of the impact uncertainty caused by the sequestered that's clearly a bad thing.

Who you know we shouldn't do that we should instead.

Address this issue and are responsible sober way that ensures we.

Move forward with deficit reduction.

Republican senator John Cornyn says -- march 1 is the data sequester will likely take effect but he hopes a deal to stop the harsh cuts.

Can be made.

Soon -- our format -- Peter thank you very much Peterson take.

Load More