30 Jul '11, 12am

US Senate rejects House debt bill, seeks compromise

WASHINGTON: The Democratic-led US Senate late Friday voted to set aside a House-passed Republican bill to avert a potential ruinous debt default, setting the stage for weekend talks on forging a compromise plan. Lawmakers voted 59-41 against Republican House Speaker John Boehner's measure to raise the US debt ceiling in two stages to enable allow Washington to pay its bills past a Tuesday deadline. Democratic Senate Majority Leader Harry Reid said he hoped Republican Senate Republican Minority Leader Mitch McConnell would help work out a final deal the outlines of which were far from clear with the clock ticking down. The US economy hit its $14.3 trillion debt ceiling on May 16 and has used spending and accounting adjustments, as well as higher-than-expected tax receipts, to continue operating normally - but can only do so through Tuesday. Business and finance leaders have...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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