July 25, 2011 / 6:50 PM / 6 years ago

Senate Democrats unveil debt limit plan

<p>Senate Majority Leader Harry Reid (D-NV) speaks to the media next to U.S. Treasury Secretary Timothy Geithner (R) after their meeting about the debt limit on Capitol Hill in Washington July 14, 2011.Yuri Gripas</p>

WASHINGTON (Reuters) - Senate Democrats on Monday offered a $2.7 trillion spending-cut plan that includes large savings from domestic and defense programs to try to break the impasse over raising the government's $14.3 trillion debt limit.

According to a factsheet on the upcoming legislation, the measure also includes $1.2 trillion in savings that Democrats say Republicans already had agreed to. Other savings are envisioned in programs including agriculture and housing, as well as from lower interest payments.

It also would provide enough new borrowing authority to meet the government's needs through 2012.

Reporting by Richard Cowan and Andy Sullivan

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