Related News
US debt deal has a way to go, test vote delayed
Source: Agencies |
July 31, 2011, Sunday
|
Online Edition
Online Edition
NEGOTIATIONS on a deal to raise the US debt limit still had a way to go, Senate Majority Leader Harry Reid said, postponing until later today a test vote on a Democratic deficit reduction bill.
Reid said in Senate floor remarks late yesterday that the White House wanted to allow "as much time as possible" for reaching a bipartisan compromise to permit the government to raise its US$14.3 trillion borrowing limit by a Tuesday deadline and avoid a default.
"There is still a distance to go," Reid said after confirming negotiations had taken place involving Republican and Democratic congressional leaders and the White House.
The Senate had been scheduled to take a 1am EDT (0500 GMT) test vote today on Reid's debt limit plan that Republicans said they opposed and could have blocked.
But Reid said late in the evening that the vote would now be held at 1pm EDT (1700 GMT) today to give negotiators more time.
Requiring a minimum of 60 "yea" votes to close debate and move the Reid plan to a vote on passage, this afternoon's tally would be a barometer of whether bipartisan support could be mustered for a compromise that could pass both houses by Tuesday.
Getting that deal in place before Asian markets open by about 5pm EDT (2100 GMT) today would provide nervous investors some reassurance.
But the timeframe looked very tight.
Earlier, Senate Republican leader Mitch McConnell and House Speaker John Boehner expressed confidence a bipartisan deal could be forged after a week of bitter stalemate, but there was no clear sign that an agreement was near.
As Tuesday's deadline loomed, the phone discussions yesterday between the Republican leaders and the president seemed a positive step as the White House had remained sidelined from acrimonious partisan sparring during the week.
"I think we've got a chance of getting there," McConnell said. Reid had said earlier yesterday a deal was not close.
Unless Congress raises the debt ceiling by Tuesday, the government would be barred from further borrowing after then, according to the US Treasury, and could quickly run out of money to pay all its bills.
"Our country is not going to default for the first time in its history -- that's not going to happen," McConnell said.
The world has watched with growing alarm as political gridlock in Washington has brought the United States close to a default, threatening to plunge financial markets and economies around the globe into turmoil.
The standoff has put the United States at risk of losing its top-notch Triple A credit rating. A downgrade could prompt global investor flight from US bonds and the dollar, raising borrowing costs for Americans when the economy remains fragile.
Reid said in Senate floor remarks late yesterday that the White House wanted to allow "as much time as possible" for reaching a bipartisan compromise to permit the government to raise its US$14.3 trillion borrowing limit by a Tuesday deadline and avoid a default.
"There is still a distance to go," Reid said after confirming negotiations had taken place involving Republican and Democratic congressional leaders and the White House.
The Senate had been scheduled to take a 1am EDT (0500 GMT) test vote today on Reid's debt limit plan that Republicans said they opposed and could have blocked.
But Reid said late in the evening that the vote would now be held at 1pm EDT (1700 GMT) today to give negotiators more time.
Requiring a minimum of 60 "yea" votes to close debate and move the Reid plan to a vote on passage, this afternoon's tally would be a barometer of whether bipartisan support could be mustered for a compromise that could pass both houses by Tuesday.
Getting that deal in place before Asian markets open by about 5pm EDT (2100 GMT) today would provide nervous investors some reassurance.
But the timeframe looked very tight.
Earlier, Senate Republican leader Mitch McConnell and House Speaker John Boehner expressed confidence a bipartisan deal could be forged after a week of bitter stalemate, but there was no clear sign that an agreement was near.
As Tuesday's deadline loomed, the phone discussions yesterday between the Republican leaders and the president seemed a positive step as the White House had remained sidelined from acrimonious partisan sparring during the week.
"I think we've got a chance of getting there," McConnell said. Reid had said earlier yesterday a deal was not close.
Unless Congress raises the debt ceiling by Tuesday, the government would be barred from further borrowing after then, according to the US Treasury, and could quickly run out of money to pay all its bills.
"Our country is not going to default for the first time in its history -- that's not going to happen," McConnell said.
The world has watched with growing alarm as political gridlock in Washington has brought the United States close to a default, threatening to plunge financial markets and economies around the globe into turmoil.
The standoff has put the United States at risk of losing its top-notch Triple A credit rating. A downgrade could prompt global investor flight from US bonds and the dollar, raising borrowing costs for Americans when the economy remains fragile.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
