Saturday, July 30, 2011

Republicans try to save Debt Bill

US Republican leaders are scrambling to rescue their deficit-cutting bill hours after a vote on it stalled because of a revolt from members of their own party.

Republican whips delayed a House of Representatives vote on the plan on Thursday night after failing to quell a rank-and-file conservative revolt.

House Republicans were meeting for closed-door crisis talks on Friday.

The fiscal fiasco leaves the US inching closer to a potentially catastrophic default on federal debt next Tuesday.

The White House has warned the government will run out of money to pay all its bills unless a $14.3tn (£8.7tn) borrowing limit is increased by 2 August.

The US treasury department is expected to unveil emergency plans explaining how the government would function if Congress does not agree to raise its borrowing limit.

BBC News

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