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Debt ceiling battle looms in Washington

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It looks like a battle over the country's debt limit is about to unfold in Washington.

Politico is reporting that House Republicans will propose increasing the debt limit for one year, while delaying "Obamacare" for that same amount of time.

House Majority Leader Eric Cantor announced the plan during a presentation in a closed door meeting of House Republicans on Wednesday. The legislation would also include tax reform, language urging construction of the Keystone XL pipeline, and some other budgetary reforms.

It didn't take Democrats in the Senate long to respond though, according to the Star Tribune, U.S. Sen. Amy Klobuchar, along with U.S. Sens. Chuck Schumer of New York, and Bob Casey of Pennsylvania held a press conference to rebuke the House bill.

Klobuchar, who is the vice chair of the Joint Economic Committee, told the Star Tribune that political brinksmanship is a tired tactic that has played out too many times before.

The house bill raises the stakes in a battle that will shutdown much of the government unless House and Senate leaders agree to raise the debt ceiling and get it to the White House by Oct. 1.

For his part, President Obama told USA Today that the debt ceiling is not a bargaining chip to set policy. He called it irresponsible politics.

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