GOVERNMENT legislation to increase the national debt ceiling will go to the Senate on Thursday, with the prospect that Prime Minister Tony Abbott will receive his first knockback.
The laws, which cleared the lower house on Wednesday, allow the government to increase the debt ceiling, or allowable value of government bonds on issue, to $500 billion, up from the old $300 billion limit.
Shadow Treasurer Chris Bowen said the opposition was happy to increase the limit to $400 billion.
But he said the government had come "nowhere near close" to justifying the increase to $500 billion.
The government wants this measures passed quickly. Treasury's pre-election budget update said the $300 billion limit would be reached by December.
Labor and the Greens have the numbers in the Senate to reject this legislation.
Prime Minister Tony Abbott said Labor's proposed $400 billion debt ceiling wouldn't even cover the debt left by Labor.
He offered Opposition Leader Bill Shorten a confidential briefing from Treasury Secretary Martin Parkinson.
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