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Obama, lawmakers meet for 75 minutes on debt impasse

WASHINGTON (Reuters) – President Barack Obama sought on Sunday to break an impasse with Republicans on how to cut the deficit and avert a debt default in an unexpectedly brief meeting at the White House. The president’s gathering with leaders of both parties came a day after Republicans shied away…

Obama hosts high-stakes debt talks

President Barack Obama kicked off high-stakes talks with his Republican foes at the White House Sunday, seeking an elusive deal to stave off a potentially catastrophic US debt default. Attendees at the crunch meeting included House Speaker John Boehner and Republican Senate leader Mitch McConnell as well as top Democrats,…

New IMF chief Lagarde issues dire warning on U.S. debt default

New IMF chief Christine Lagarde warned on Sunday that a US debt default would jeopardize global economic stability and urged warring American politicians to forge a compromise budget deal. A default “would certainly jeopardize the stability, but not just the stability of the US economy, it would jeopardize the stability…

Obama calls for next round of debt talks Sunday

President Barack Obama called for new negotiations to try and avert a US debt default, warning the two sides were still “far apart” on a range of issues. “We’ll hopefully be in a position to then start engaging in the hard bargaining that’s necessary to get a deal done,” Obama…

Treasury secretly weighs options to avert default

WASHINGTON (Reuters) – A small team of Treasury officials is discussing options to stave off default if Congress fails to raise the country’s borrowing limit by an August 2 deadline, sources familiar with the matter said on Wednesday. Senior officials, including Treasury Secretary Timothy Geithner, have repeatedly said there are no contingency…

Banks wrestle with no-default help for Greece

Leading banks were meeting in Paris on Wednesday on how to support a new rescue for Greece, their spokesman told AFP shortly after a rating agency issued a new warning and another downgraded Portugal. The critical issue, which has delayed until September any eurozone decision on a new rescue for…

Europe clears urgent aid to save Greece from default

Eurozone finance ministers cleared the way for Greece to receive urgent funds to avoid imminent bankruptcy, but warned it would take weeks to conclude a new bailout for the debt-hit nation. Greece is expected to receive 12 billion euros from the eurozone and IMF by July 15 after the ministers…

Fitch Ratings sees risk of Greek, U.S. debt defaults

SINGAPORE (Reuters) – Fitch Ratings warned it would treat a voluntary rollover of Greece’s sovereign bonds in any rescue package as a default and would cut the credit rating, keeping pressure on European policymakers who intend to outline a new plan by mid July. Fractious euro zone finance ministers are…

Congress no closer to raising federal debt limit despite warnings

WASHINGTON — Warnings that the United States is playing chicken with a debt default came thick and fast Wednesday, but in Washington politicians appeared no closer to avoiding the unthinkable. As Fitch became the latest ratings agency to warn the US credit score could soon be downgraded, Republicans and Democrats…

United States to hit debt ceiling on Monday

WASHINGTON — The debt-laden US government’s credit card will hit its limit Monday, creating a cash crunch that puts the country’s credit standing at risk as politicians battle over its long-term deficit. Reaching the $14.29 trillion ceiling set by Congress will not have an immediate impact on government finances, because…

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