U.s. Debt Limit, Debt Crisis | featured news

Americans are plenty angry at Congress in the aftermath of the debt crisis and Republicans could pay the greatest price, a new Associated Press-GfK poll suggests....

British and Japanese officials warned Sunday of disastrous consequences for the global economy if last-minute talks among lawmakers in Washington failed to agree on raising the U.S. borrowing limit and averting a debt default.

Senator Mitch McConnell, the key Republican negotiator, expressed optimism that a $3-trillion deal could be reached to avert a federal default. A Senate procedural vote is scheduled for 1 p.m.

Democrats are going to lose this one. The first stage of the emerging deal doesn’t include revenue, doesn’t include stimulus, and lets Republicans pocket a trillion dollars or more in cuts without offering anything to Democrats in return.

Americans already concerned about their jobs Wednesday begged Washington politicians to stop dithering, cut the budget and resolve a debt crisis they fear could lead to higher interest rates, or worse.

Rival Democratic and Republican plans to raise the government's borrowing ability have thrust Congress into a standoff just one week away from a potentially devastating debt crisis.

President Barack Obama offered strong praise Tuesday for a deficit reduction plan put together by a bipartisan group of senators, calling the measure's mix of tax hikes and spending reforms "broadly consistent" with his own approach to the current debt ceiling crisis.