After a rancorous day in which Republicans vented their anger at the Senate and President Obama, GOP leaders said they are in talks with the president and that 'the country is not going to default.'
David Wu (D) of Oregon will resign after the resolution of the debt ceiling debate, he announced Tuesday. A young woman alleges Representative Wu had an unwanted sexual encounter with her last Thanksgiving.
Washington’s self-imposed deadline to do something credible on the debt crisis before the Asian financial markets opened on Sunday passed in silence. "There could be extreme turmoil in markets," says one expert.
President Obama convened an unusual Saturday meeting with Congressional leaders on the looming government default. The session lasted less than an hour, and the atmospherics appeared grim.
The proposal by the 'Gang of Six' senators Tuesday draws on ideas from the deficit commission. The middle-of-the-road plan will have to overcome partisan concerns and a lack of time.
With debt ceiling talks showing no progress, some GOP leaders and constituencies are becoming concerned by the party's hard line in negotiations. Meanwhile, some Democrats are similarly worried about President Obama's bargaining.
Conservative groups had been worried that House Speaker John Boehner would agree to some tax increases in a deal to trim deficits and raise the debt ceiling.
Details of the US debt and deficit talks have been mostly secret, fueling concerns on both sides of the aisle that their leaders will compromise party values or give away too much.
With the White House preparing for negotiations Sunday over a deal on raising the debt ceiling, House Democrats say they will not support cuts in Social Security or Medicare benefits.
President Obama is pushing for a comprehensive deal to raise the debt ceiling and trim long-term deficits. But any big deal will require arm-twisting in Congress, and time is running out.