United States Virginia change
Sri Lanka Breaking News
Sri Lanka parliament
vivalankaSri Lanka newsSri Lanka businessSri Lanka sportsSri Lanka technologySri Lanka travelSri Lanka videosSri Lanka eventssinhala newstamil newsSri Lanka business directory
vivalanka advertising
Stay Connected
Popular Searches
T20 World Cup
Sponsored Links
Sri Lanka Explorer

House GOP set to vote on revamped debt-limit bill

Jul 28, 2011 10:41:00 AM - thestate.com
House Republicans pushed toward a vote Thursday on a newly modified plan to stave off an unprecedented government default next week, even though the legislation faces a White House veto threat and unanimous opposition among Senate Democrats.

The vote comes amid growing worry that a dysfunctional Congress might remain gridlocked and plunge the nation into default. Nervous investors sent the Dow Jones industrial average down almost 200 points Wednesday, on top of a 92-point drop the day before. Stocks rose modestly Thursday, based in part on a strong jobs report.

"Default will rock our financial system to its core," Senate Majority Leader Harry Reid, D-Nev., said at the start of the Senate session.

The rival plans by Reid and House Speaker John Boehner, R-Ohio, have enough in common - including the establishment of a special congressional panel to recommend additional spending cuts this fall - that Reid has hinted a compromise could be easy to snap together.

"Magic things can happen here in Congress in a very short period of time under the right circumstances," Reid told reporters.

USA, South Carolina: (Latest Stories)