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Obama presses for big debt deal as Aug. 2 deadline nears
President Obama urged Congress to craft a sweeping deficit plan to prevent a default and stabilize the economy. House Republicans moved to force a debt limit increase automatically with a balanced-budget amendment, while Senate leaders explored a plan granting Obama authority to raise the limit with spending caps and panel-recommended cuts. The talks underscored the high stakes as lawmakers warned of market turmoil and higher interest costs if no agreement is reached.
MENTIONED IN THIS ARTICLE
Washington
Barack Obama
America
House
Senate
Congress
Obama
White House
Mitch McConnell
GOP
John Campbell
R-Calif
Paul Ryan
Wisconsin
House Budget Committee