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By Susanna Jackson
As the Federal government shutdown enters the second week, the Senate moves forward on a plan to raise the national debt ceiling.
Senate leaders are looking to raise the debt-ceiling by an amount that will be large enough to see the government through the 2014 elections. The first vote could happen as early asfriday, and the deadline, October 19, is less than two weeks away.
Raising the national debt-ceiling does not directly contribute to the rise in spending or of the national debt, yet the decision to do so is often a difficult vote, often with bipartisan hesitation. President Obama, as a senator, voted against an increase when President George W. Bush was in office.
Every president, since the national spending limit was established in 1939, has raised the debt ceiling except Harry S. Truman.
Senate leaders are confident the vote would be passed with only a few votes against, assuming they can break up an expected Republican filibuster. If conservatives do filibuster, it’s likely a vote will not be reached until next Tuesday. Next Thursday, the Treasury estimates it will max out the current debt limit.
The government’s debt-ceiling, as well as the government shutdown, are a cause for concern internationally. Many economists and politicians abroad are worried for the overseas economic impact. Five years ago, the United States experienced a fiscal crisis that contributed to a global economic recession.