Congressional leaders didn't have a deal to cut the budget deficit and raise the government's debt limit early Sunday and remained at an impasse over how to reach one just hours before the open of Asian financial markets, according to the Wall St Journal
Treasury Secretary Timothy Geithner said a "two-stage" proposal being pushed by House Speaker John Boehner (R., Ohio) that would lift the federal debt ceiling through the end of the year and then again after another deficit debate was a nonstarter because it wouldn't win enough Democratic votes to pass Congress. He said leaders needed to find a way to reach the framework of an agreement that would give the markets confidence by Sunday night.
"They need to get this process moving in the House Monday night. To achieve that deadline they need to have a framework that they know with complete confidence that will pass both houses of Congress, that is acceptable to the president and that should happen today," Mr. Geithner said in an interview on ABC's "This Week.".
Mr. Boehner, however, said in an interview on Fox News Sunday that if he can't reach an agreement with House Democrats on a deal, then Republicans will go it alone. "I'm trying to find a common ground that's doable in the time we have remaining," Mr. Boehner said.
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