U.S. Congress working on new debt deal: Republican leader

13:46, July 24, 2011      

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U.S. congressional leaders are working on fresh legislation to prevent the United States defaulting on its debt, according to Senate Republican leader Mitch McConnell on Saturday.

"The bipartisan leadership in Congress is committed to working on new legislation that will prevent default while substantially reducing Washington spending," McConnell said in a statement after a meeting with President Barack Obama and other congressional leaders at the White House.

The widely watched debt limit and deficit reduction talks faced a setback on Friday when House Speaker John Boehner broke down talks with president Obama.

With clock ticking down to the Aug.2 deadline of an unprecedented government default, policymakers in Washington remain in the process of bargain.

Obama called top leaders of the Congress to the White House on Saturday to find a solution to avert the country from default.

McConnell said Democrats and Republicans will work on a way to cut spending and avoid a debt crisis.

Boehner is scheduled to hold conference call with House Republican on 2:00 PM Saturday.

Source: Xinhua
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