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Pressure To Compromise On Debt Ceiling Increases

Mike Vulpo |
July 30, 2011 | 10:12 a.m. PDT

Executive Producer

Will Republicans and Democrats come together (Brendan Smialowski/Getty Images)
Will Republicans and Democrats come together (Brendan Smialowski/Getty Images)
President Obama continues to call on fellow Republicans to accept a compromise in order for the federal government to borrow more money and avoid an economic catastrophe.

In recent days, Republicans and Democrats have come up with their own individual plans. However, each side has been unable to support the other’s plan. Just this Friday night, the Senate rejected a Republican plan that had passed in the House hours earlier. In addition, Republicans were blocking a vote of the Democrat’s plan.

Senator Harry Reid (D-NEV) and his team started first thing Saturday trying to persuade a handful of Republican senators to join the Democrats and support a plan.

The United States Treasury Department predicts the government could not be able to borrow money at the end of Tuesday, making it unable to pay necessary bills if a plan is not approved. Other analysts estimate the government has enough money to pay bills for another week. Regardless, time is running out and the President is aware.

In recent days, President Obama has expressed his frustration about the lack of compromise. “Democrats in Congress and some Senate Republicans have been listening and have shown themselves willing to make compromises to solve this crisis,” he said. “Now all of us — including Republicans in the House of Representatives — need to demonstrate the same kind of responsibility.”

The next vote is expected Sunday morning at 1 AM EST.

Read more about the debt ceiling story from the New York Times here or CNN here.

Reach Mike Vulpo here



 

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