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By Lomi Kriel and Elida Moreno PANAMA CITY (Reuters) - The Panama Canal on Wednesday rejected a proposal that it pay $1 billion to continue work on expanding the waterway, and warned the building consortium behind the project that it could bring in others to finish the job. For the past week, the Panama Canal Authority (PCA) has been fighting with the consortium led by Spanish builder Sacyr over cost overruns in the plan to install a third set of locks for one of the world's most important cargo routes. But on Wednesday, Italian builder Salini Impregilo weighed into the debate with a separate proposal that suggested a deal was still some distance away. Impregilo said it had put forward two alternative solutions that involved the authority paying $1 billion to the consortium known as Grupo Unidos por el Canal (GUPC) to complete the work.More...