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Congressional leaders work to avert default
No progress reported in negotiations; Reid chastises Republicans
Congressional leaders were working desperately Saturday to
design new legislation to head off a government default.
House Speaker John Boehner told House Republicans in a conference call after
meeting with President Barack Obama Saturday that he hoped to be able to
announce a "viable framework for progress" by 4 p.m. EDT on Sunday, before
Asian financial markets open, two participants told The Associated Press.
The goal is to produce at least a framework agreement to raise the nation's
debt limit by Monday, congressional officials said. Even that would allow
scarcely enough time for the House and Senate to clear legislation in time for
Obama's signature by the Aug. 2 deadline, a week from Tuesday.
But after hours of staff negotiations followed by a meeting of Congress' top
four leaders, Senate Majority Leader Harry Reid pronounced himself "deeply
disappointed in the status of negotiations with my Republican colleagues,"
saying a lack of progress was bringing the United States closer to default.
Read he complete article on the MSNBC site with video links
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