July 16, 2011 / 1:05 PM / 8 years ago

SNAPSHOT-Developments in U.S. debt talks

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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