30 Jul '11, 9pm

Obama, Democratic allies to huddle on debt stalemate

WASHINGTON: US President Barack Obama called an urgent White House summit with key Democratic allies Saturday as his Republican foes said fever-pitch efforts to avert a disastrous debt default would soon pay off. With three days before a midnight Tuesday deadline, Obama summoned Democratic Senate Majority Leader Harry Reid and Democratic House Minority Leader Nancy Pelosi to 11th-hour talks aimed at forging a compromise. "There are plenty of ways out of this mess. But there is very little time," Obama warned in his weekly address, as the US Congress held a rare and rowdy weekend session full of partisan posturing but little overt signs of progress. Republican Senate Minority Leader Mitch McConnell said he had spoken with Obama and Vice President Joe Biden and declared himself "confident and optimistic that we're going to get an agreement in the very near future." "Senator ...

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

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