WASHINGTON (AP) — With bipartisan debt-limit talks deadlocked, House Republicans and Senate Democrats readied rival emergency fallback plans Sunday in hopes of reassuring world financial markets the U.S. government will avoid an unprecedented default.
Republicans said Speaker John Boehner had legislation under consideration to raise the nation's debt limit by $1 trillion and enact slightly more in federal spending cuts, with the promise of additional progress on both sides of the ledger if Congress can agree.
Across the Capitol, Democratic officials said Majority Leader Harry Reid was at work on legislation to raise the government's debt limit by $2.4 trillion — enough to assure no recurrence of the current crisis until 2013 — and reduce spending by slightly more. They said that plan envisioned no higher taxes.
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