WASHINGTON: A faint glimmer of hope surfaced yesterday in the US fiscal stand-off, with President Barack Obama saying he would accept a short-term increase in the nation's borrowing authority to avoid a default.
Separately, a Senate aide said Republican Senator Rob Portman was floating a plan to cut federal spending and reform the US tax code as part of a broader deal to reopen government agencies and raise the government's debt ceiling.
Legislators believe a budget deal like this will be necessary to end the stalemate.
But seven days into a government shutdown and only 10 days from a critical need to raise the nation's debt limit, nothing amounting to a breakthrough was in sight.
Democrats, and Obama, stepped up their criticism of House of Representatives Speaker John Boehner for refusing to schedule a vote on a no-strings-attached measure to fund the government and end the shutdown. - Reuters
The Star (South Africa)
(c) 2013 Independent Newspapers (Pty) Limited. All rights strictly reserved. Provided by Syndigate.info an Albawaba.com company
Original headline: Glimmer of hope for US shutdown
Most Popular Stories
- Paul Walker Fans Pay Respects
- Hispanics Seek to Grow School Board Members
- Bitcoin Used to Buy Tesla Car
- 'Knockout Game': Myth or Menace?
- Banks Fret as Volcker Vote Approaches
- Yellen Set to Become One of World's Most Powerful Women
- GM Stock Hits New High as U.S. Exit Nears
- GM Bailout Saved 1.2 Million U.S. Jobs, Report Says
- Slow Week Ahead of December FOMC Meeting
- 18 L.A. Sheriff's Deputies Face U.S. Charges