No Agreement on How to Handle Debt

July 30, 2011  |  

(Bloomberg) — Congress entered the final weekend before a threatened U.S. default deadlocked over legislation to raise the debt limit as President Barack Obama appealed to party leaders to reach a compromise.  The Senate yesterday rejected a plan the Republican- controlled House passed hours earlier with no Democratic support. It would have required congressional approval of a constitutional amendment to balance the budget and forced another debt-limit vote by lawmakers in about six months to continue the nation’s borrowing authority beyond early 2012.  Congressional leaders “need to start working together immediately to reach a compromise that avoids default and lays the basis for balanced deficit reduction,” White House Press Secretary Jay Carneysaid in a statement after the two votes.

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