U.S. Sen. Reid: Moving forward with debt limit bill

WASHINGTON, July 29 Fri Jul 29, 2011 9:42am EDT

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WASHINGTON, July 29 (Reuters) - U.S. Senate Majority Leader Harry Reid on Friday said that he "cannot wait any longer" for the Republican-led House of Representatives to act on a debt limit increase and he will begin taking steps to move legislation.

Reid, a Democrat, also called on Senate Republican leader Mitch McConnell to immediately work with him on a compromise bill that could be enacted before an Aug. 2 deadline.

Democrats are pushing a $2.5 trillion debt limit increase. Reid said Congress will not pass a short-term increase. (Reporting by Richard Cowan)