Congress, Debt Crisis | featured news

Americans are plenty angry at Congress in the aftermath of the debt crisis and Republicans could pay the greatest price, a new Associated Press-GfK poll suggests....

British and Japanese officials warned Sunday of disastrous consequences for the global economy if last-minute talks among lawmakers in Washington failed to agree on raising the U.S. borrowing limit and averting a debt default.

Senator Mitch McConnell, the key Republican negotiator, expressed optimism that a $3-trillion deal could be reached to avert a federal default. A Senate procedural vote is scheduled for 1 p.m.

Americans already concerned about their jobs Wednesday begged Washington politicians to stop dithering, cut the budget and resolve a debt crisis they fear could lead to higher interest rates, or worse.

Rival Democratic and Republican plans to raise the government's borrowing ability have thrust Congress into a standoff just one week away from a potentially devastating debt crisis.

President Barack Obama offered strong praise Tuesday for a deficit reduction plan put together by a bipartisan group of senators, calling the measure's mix of tax hikes and spending reforms "broadly consistent" with his own approach to the current debt ceiling crisis.