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Senate Leaders Push Revised Debt Plan

Reid, McConnell amend proposal to bolster deficit cuts.

By Brian Faler, Laura Litvan, Bloomberg | Updated on July 18, 2011

Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell will push a revised budget plan this week aimed at allowing a debt-limit increase needed to avoid a government default as President Barack Obama presses for action in time for an Aug. 2 deadline.

Reid of Nevada and McConnell are amending a proposal to give Obama the power to raise the debt limit in response to complaints the plan does little to reduce the deficit. They are considering having House Republicans attach spending cuts to the legislation, according to a congressional aide, as well as provisions creating a committee of lawmakers charged with finding additional savings later.

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