Senate Dems to push ahead with debt-limit bill

July 29, 2011 - 8:59 AM

WASHINGTON (AP) — The Senate Democratic leader says he will move ahead with a debt-limit bill as a rival proposal remains stalled in the House.

Senate Majority Leader Harry Reid announced Friday that his plan would cut $2.5 trillion from the deficit over a decade and avert a debilitating default. He said it's likely the last chance to save the nation from default with a Tuesday deadline looming.

The Nevada Democrat said he has invited his counterpart, Senate Republican leader Mitch McConnell, to negotiate with him.

Reid's move sets up a potential showdown vote in the Senate on Sunday.