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The U.S. government has $16.3 trillion in debt, putting it just below the $16.4 trillion limit set by Congress following contentious debate that at one point led to a lowering of the U.S. credit rating.
After initially objecting to McConnell's proposal Thursday, Senate Majority Leader Harry Reid, D-Nev., said he wanted a Thursday afternoon vote, having secured the 51 votes to pass the proposal on a straight, up-or-down vote.
"Senator McConnell made a serious offer dealing with the debt ceiling of this country, one of the most important issues facing the country," Reid said. "It's a serious offer. I personally haven't read it. My staff has looked at it. It's important enough that I would like to have a vote on it this afternoon."
McConnell objected, requesting the vote clear the 60-vote filibuster threshold.
"What we're talking about here is a perpetual debt ceiling grant in effect to the president. Matters of this level of controversy always require 60 votes," McConnell said. "So I would ask my friend, the majority leader, if he would modify his consent agreement."
Reid characterized the Kentucky Republican's objection as a "case of Republicans refusing to take 'yes' for an answer."
Sen. Chuck Schumer, D-N.Y., said Senate Democrats had at least 51 votes, commenting that McConnell's "usually very astute political radar is off today."