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Lawmaker standoff over U.S. debt

Tuesday, July 26, 2011 - 01:21

July 25 - With just over a week to go before the U.S. runs out of money to pay its bills, Democrats and Republicans appear no closer to an agreement. Deborah Gembara reports.

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With just over a week to go before the U.S. runs out of money to pay its bills, Democrats and Republicans appear no closer to agreement. Both parties unveiled budget plans on Capitol Hill and continued their criticism of the opposition's proposals. Senate Majority Leader Harry Reid called the Republican plan a "non-starter." SOUNDBITE: Senate Majority Leader Harry Reid saying (English): "They'd rather cut Social Security benefits than end tax-payer funded giveaways for these billionaires and millionaires who have their corporate jets. We should not let these extremists dictate the outcome of this debate or the direction of our country." Speaker of the House John Boehner had this to say about his party's plan. SOUNDBITE: Speaker of the House John Boehner saying (English): "I think it would be irresponsible for the President to veto such legislation because it is a common sense plan and will help us avoid default. It's time to get serious about solving America's problems, and I believe our plan is a good step in the right direction." The U.S. could see its credit rating downgraded if lawmakers don't agree to raise the U.S.'s $14.3 trillion dollar debt ceiling. The impasse has rattled investors, creating uncertainty in markets worldwide. Deborah Gembara, Reuters.

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Lawmaker standoff over U.S. debt

Tuesday, July 26, 2011 - 01:21