The Democrat-controlled US senate has shot down a Republican-led debt ceiling plan, just hours after it was passed in the House of Representatives. The plan, put forward by House Speaker John Bayner, would have raised the country's debt ceiling by 900 billion dollars along with a similar amount in spending cuts. And as the clock ticks down to August 2nd, when the debt limit is reached, there's less time to avert an unprecedented default crisis, which might prompt the US to lose its top-notch credit rating. Senate Democrat leader Harry Reid now hopes his proposal will see a compromise, which could keep the government afloat. And, according to economist Max Fraad Wolff, this plan is more likely to get the green light. RT on Twitter: twitter.com RT on Facebook: www.facebook.com