7/18/2011

U.S. Senate leaders from both parties worked during the weekend to build support for legislation that would allow President Barack Obama to raise the debt limit. The effort, based on a proposal from Senate Minority Leader Mitch McConnell, R-Ky., has support from Senate Majority Leader Harry Reid, D-Nev. "At a minimum, Congress has a way to take action and avoid default on the U.S. debt," said Jacob Lew, Obama's budget director.

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