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Obama says time running out to avoid US default

Partisan to the core, Congress groped uncertainly Friday for a way to avoid a government default threatened for early next week. "We are almost out of time," warned President Barack Obama as U.S. financial markets trembled.

By David Espo | Updated on July 29, 2011

WASHINGTON (AP) — Partisan to the core, Congress groped uncertainly Friday for a way to avoid a government default threatened for early next week. “We are almost out of time,” warned President Barack Obama as U.S. financial markets trembled.

At one end of the Capitol, Speaker John Boehner and House Republicans pushed toward a vote on veto-threatened legislation rewritten overnight to win the support of conservative holdouts. The conservatives wanted a balanced-budget amendment to the Constitution, and it was added to Boehner’s bill.

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