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GOP retools plan as Congress seeks debt fix

Six days away from a potentially calamitous government default, House Republicans appeared to be coalescing Wednesday around a work-in-progress plan by House Speaker John Boehner to increase the U.S. borrowing limit and chop $1 trillion in federal spending.

By Andrew Taylor | Updated on July 27, 2011

WASHINGTON (AP) — Six days away from a potentially calamitous government default, House Republicans appeared to be coalescing Wednesday around a work-in-progress plan by House Speaker John Boehner to increase the U.S. borrowing limit and chop $1 trillion in federal spending. But the measure got a thumbs-down from both Senate Democrats and tea party activists, a telling illustration of the perilous politics along the pathway to a deal.

Democrats and Republicans alike tried to claim the moral high ground in a standoff that has put financial markets on edge and left stocks falling.

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