Republicans try to save Debt Bill

US Republican leaders are scrambling to rescue their deficit-cutting bill hours after a vote on it stalled because of a revolt from members of their own party.

Republican whips delayed a House of Representatives vote on the plan on Thursday night after failing to quell a rank-and-file conservative revolt.

House Republicans were meeting for closed-door crisis talks on Friday.

The fiscal fiasco leaves the US inching closer to a potentially catastrophic default on federal debt next Tuesday.

The White House has warned the government will run out of money to pay all its bills unless a $14.3tn (£8.7tn) borrowing limit is increased by 2 August.

The US treasury department is expected to unveil emergency plans explaining how the government would function if Congress does not agree to raise its borrowing limit.

BBC News

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell