President Barack Obama said Republicans and Democrats are in “rough agreement” on their plans to raise the U.S. debt limit with just four days before a threatened U.S. default and the time for compromise is “now,” Bloomberg writes.
House Majority Leader Eric Cantor said Republicans have the votes to pass House Speaker John Boehner’s plan later today. Obama opposes that plan. Senate Majority Leader Harry Reid said he will take action to move to a vote on his competing plan, and at the same time held out hope for a deal with Republican leaders.
“If we don’t come to an agreement, we could lose our country’s AAA credit rating, not because we didn’t have the capacity to pay our bills -- we do -- but because we didn’t have a AAA political system to match our AAA credit rating,” Obama said at the White House….
Read more at http://www.bloomberg.com/news/2011-07-29/house-bids-to-salvage-boehner-debt-ceiling-bill-as-democrats-eye-endgame.html
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