Schumer pushes debt action this week; GOP says go it alone

By KEVIN FREKING
Associated Press

WASHINGTON (AP) — Senate Majority Leader Chuck Schumer says he wants to pass legislation by the end of the week to suspend the nation’s debt limit and allow more borrowing to meet the country’s financial obligations. He warns “we do not have the luxury of waiting until October 18th.” That is the day the Treasury may exhaust its cash reserves, which Treasury Secretary Janet Yellen says would likely trigger a financial crisis and economic recession.  Democrats and Republicans in the Senate are in a stand-off over the methods that should be taken to suspend the debt ceiling. Republicans are insisting that Democrats go it alone