Debt Talks Break Down; House and Senate to Develop Separate Plans

Senate Majority Leader Harry Reid (D-NV) and House Speaker John Boehner (R-OH) declared another breakdown in talks over raising the debt limit. They announced they would work on plans that take markedly different approaches to boosting the $14.3 trillion debt ceiling before August 2 while trying to reduce federal spending. According to press accounts, Speaker Boehner is reportedly working on a plan to boost the debt limit and cut spending in two steps. Majority Leader Reid will seek a single increase in the government’s borrowing authority combined with $2.7 trillion in spending cuts, without reductions to entitlement programs or a tax increase.

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