July 13, 2011 / 2:35 PM / 7 years ago

Snapshot: Developments in debt talks

President Obama conducts a meeting with congressional leadership on deficit reduction in the Cabinet Room of the White House, July 13, 2011. REUTERS/Jason Reed

WASHINGTON (Reuters) - Here is what is happening on Wednesday concerning negotiations to raise the U.S. $14.3 trillion debt limit.

* President Barack Obama expected to meet congressional Republican and Democratic leaders for a fourth straight day of talks in an effort to strike a deficit reduction deal to clear the way for a debt ceiling hike. Meeting set for 4:00 p.m. EDT

* Federal Reserve Chairman Ben Bernanke does not mention debt ceiling talks in opening statement to House of Representatives during a hearing on the Fed’s U.S. economic outlook. He is likely to face questions on the issue during the hearing.

* Senate Majority Leader Harry Reid to discuss a backup proposal to raise the debt ceiling by $700 billion with fellow Senate Democrats. Meeting set for 11:00 a.m. EDT

* Republican presidential candidate Representative Michele Bachmann and other members of House Tea Party caucus discuss the debt limit and military benefits at a news conference at 11 a.m. EDT (1500 GMT).

* Treasury Department releases monthly budget statement for June. The report showing the size of U.S. deficit nine months into the fiscal year is due out at 2 p.m EDT

* Investors assume Washington will ultimately avert a debt crisis even though the clock is ticking toward an August 2 deadline with no deal in sight. The impasse between Obama and Republican congressional leaders has investors’ attention and has contributed to a negative sentiment on Wall Street.

Reporting by Donna Smith; Editing by Vicki Allen

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