Close Topic Options

US Economy - Page 9

The Democratic-controlled Senate blocked a debt-ceiling bill that passed the GOP-led House of Representatives earlier in the evening.

Majority Leader Harry Reid is planning to spend the weekend pushing what top Democrats insist is a more centrist piece of legislation.

In the House vote, Speaker John Boehner's bill was approved 218-210. No Democrats supported the measure, and 22 of the 240 Republicans also opposed it.

The White House issued a statement calling Boehner's bill "yet another political exercise" and endorsing Reid's plan as a basis for compromise.

If Congress fails to raise the current $14.3 trillion debt ceiling by Tuesday, Americans could face rising interest rates and a declining dollar, among other problems. Ref. CNN

Economy US

The Republican-controlled House of Representatives rejected Senate Majority Leader Harry Reid's plan to raise the nation's debt ceiling Saturday, voting against the bill 173-246.

The Democratic-controlled Senate rejected Speaker John Boehner's plan Friday night.

The twin votes are a likely prelude to a long weekend of furious backroom negotiations between congressional leaders looking for a way to end a tense political standoff and avoid a potentially catastrophic federal default next week.

The Senate blocked Boehner's measure almost immediately after the plan was approved by the House in a sharply polarized vote. Ref. CNN

US Economy History & Civil Business Politics

Republican congressional leaders indicated Saturday afternoon they are close to reaching a deal with President Barack Obama to raise the nation's debt limit and avoid what would be an unprecedented national default.

Senate Minority Leader Mitch McConnell, R-Kentucky, said he had talked to Obama and Vice President Joe Biden this afternoon and was "confident and optimistic" that there will be an "agreement within the very near future."

A national default "is not going to happen," McConnell promised.

House Speaker John Boehner, R-Ohio, also expressed optimism that an agreement is near. Ref. CNN

Page 9 Economy US

Senate Majority Leader Harry Reid, D-Nevada, said Saturday afternoon that GOP claims of new progress on a debt ceiling deal are "not true."

Republican congressional leaders had indicated Saturday afternoon that they are close to reaching a deal with President Barack Obama to raise the nation's debt limit. But "the process has not been moved forward," Reid said. Ref. CNN

Economy US

Senate Majority Leader Harry Reid, D-Nevada, halted legislative consideration of his debt ceiling proposal late Saturday night, reversing an earlier decision to hold a key procedural vote on the measure by 1 a.m. Sunday.

Reid announced that the vote will now be held at 1 p.m. On Sunday.

The Republican-controlled House of Representatives rejected Reid's plan earlier Saturday. Ref. CNN

US Economy

Senate Republicans on Sunday blocked a Democratic effort to end debate and move to a vote on Majority Leader Harry Reid's debt ceiling proposal, extending consideration of the measure as negotiations continue on a deal to raise the federal debt ceiling and cut spending.

Reid had postponed the vote for 12 hours, until 1 p.m. Sunday, saying at the time there were "many elements to be finalized." He plans to insert a negotiated final agreement into the proposal once a deal has been reached.

The Republican-controlled House rejected Reid's plan on Saturday -- partisan payback for the Democratic-controlled Senate's rejection of GOP House Speaker John Boehner's plan Friday night.

The federal government needs to raise the $14.3 trillion debt ceiling by August 2 or risk a default. Americans could face rising interest rates and a declining dollar, among other problems. Ref. CNN

US Economy - Page 9

"We're very close" to a deal on the debt limit, Senate Minority Leader Mitch McConnell, R-Kentucky, told CNN's "State of the Union" Sunday.

"We had a very good day yesterday," he said, adding that the two sides "made dramatic progress."

"I think I can pretty confidently say" that the current plan under discussion will provide a debt ceiling increase to avoid default, he said.

McConnell added that he is "very, very close to being able ... To recommend to my members that this is something that they ought to support." Ref. CNN

US Economy Politics Business Civil & History - Page 9

Two days before the deadline for a possible U.S. Government default, President Barack Obama and congressional leaders reached agreement Sunday on a legislative package that would extend the federal debt ceiling while cutting spending and guaranteeing further deficit-reduction steps.

The proposed $3 trillion deal, which still requires congressional approval, brought some immediate relief to global markets closely watching the situation play out and a nation filled with anger and frustration over partisan political wrangling that threatened further economic harm to an already struggling recovery.

However, there was no guarantee the plan will win enough support to pass both chambers of Congress.

Democratic and Republican leaders in both the House and Senate were briefing their caucuses about the agreement on Sunday night or Monday. Ref. CNN