Tentative U.S. Senate to raise debt limit until Feb. 15-source

WASHINGTON Mon Oct 14, 2013 4:21pm EDT

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WASHINGTON Oct 14 (Reuters) - Democratic and Republican senators are working on a fiscal deal that would extend U.S. borrowing authority at least through mid-February and provide government funding until mid-January to end a two-week government shutdown, according to a source familiar with the negotiations.

The tentative framework, which is not finalized and could change, would also set up a new round of deficit-reduction negotiations that would try to strike a bargain by year's end.

The source, who asked not to be identified, said negotiators were still bargaining over whether the Feb. 15 date for the debt limit extension would be a firm deadline or whether the Treasury Department would be allowed to use "extraordinary measures" to extend borrowing beyond that date, as it has done in the recent past.

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