A bipartisan Senate proposal for a $3.7 trillion debt-cutting plan praised by President Barack Obama faces resistance from House Republicans, as lawmakers intensify efforts for a compromise on government spending less than two weeks before a threatened default.
Obama said he will renew talks at the White House this week with congressional leaders as the Democratic-led Senate and Republican House pursue divergent paths toward ending the stalemate over lifting the nation's $14.3 trillion debt limit.
"The problem we have now is we're in the 11th hour and we don't have a lot more time left," Obama said yesterday, referring to an Aug. 2 deadline officials have set for lifting the debt cap. The president, in remarks at the White House, said he will urge congressional leaders "to start talking turkey" and get "down to the hard business of crafting a plan that can move this forward."
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