SNAPSHOT-Developments in U.S. debt talks

WASHINGTON, July 16 | Sat Jul 16, 2011 9:04am EDT

WASHINGTON, July 16 (Reuters) - Here is what is happening on Saturday in negotiations to raise the U.S. $14.3 trillion debt limit.

* President Barack Obama in his regular weekly radio address calls for shared sacrifice in a deficit reduction package that would help clear the way for Congress to raise the debt ceiling. He says he's willing to compromise and calls on members of Congress to do the same. Republicans have refused to consider tax increases to reduce the deficit.

* Senator Orrin Hatch in the weekly Republican radio address talks about the need for a constitutional amendment requiring the federal government to balance its finances.

* No face-to-face negotiations are planned over the weekend between Obama and congressional leader but that could change.

* Senate Democratic Leader Harry Reid and Republican Leader Mitch McConnell are said to be discussing modifications to a plan put forward by McConnell that would raise the debt limit and put nearly all the burden on Obama to carry it out.

* Lawmakers are under growing pressure from the U.S. business community and U.S. creditors to strike a deal. China, the United States' biggest foreign creditor with more than $1 trillion in Treasury debt, is urging Washington to adopt responsible policies to protect investor interests. (Reporting by Donna Smith; Editing by Bill Trott)

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Comments (8)
dectra wrote:
As usual, the GOP is sitting on it’s collective hands, and NOT helping.

Hey, Bohner, WHERE ARE THE JOBS YOUR PARTY RAN ON IN 2010???

Jul 16, 2011 9:42am EDT  --  Report as abuse
Superpower wrote:
America has sacrificed our children and our grandchildren’s futures for this insane autocrat to impose his social justice on the people who actually CONTRIBUTE to society supporting the Welfare parasites who suck the life-blood out of working America. It’s time for the boy prince to understand what the word “NO” means; there will be “NO” tax increases and “NO” you will not have a second term…and take that racist Eric Holder with you! BTW: Destroying obamacare would actually fix a large part of the financial problem.

Jul 16, 2011 9:56am EDT  --  Report as abuse
Happy12 wrote:
It is a welcome thing that the Chinese are offering their insight into our debt crisis. If they would allow their currency to be traded in an open market and cease their decades long beggar thy neighbor policy we would be much more in balance and there would be a much larger, world-wide, middle class………something the Chinese regime would rather do without. When folks begin to want to keep more of what they produce that becomes a problem and we are hoping this Obama regime will not change what we have worked so hard over generations to produce.

Jul 16, 2011 10:19am EDT  --  Report as abuse
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