Debt Ceiling Debate Continues

By: AP
By: AP

WASHINGTON (AP) -- Republican lawmakers say House Speaker John Boehner (BAY'-nur) has told them he hopes to have a "viable
framework" for raising the nation's debt ceiling by 4 p.m. Eastern
time on Sunday.

That would be before stock markets open in Asia.

But a meeting Boehner convened Saturday evening with House
Democratic leader Nancy Pelosi, Senate Majority leader Harry Reid
and Senate Republican leader Mitch McConnell has ended with no word of a deal.

That followed a brief meeting at the White House this morning between the four congressional leaders and President Barack Obama.

Congress is facing an Aug. 2 deadline to raise the debt limit
and head off an unprecedented government default.

But lawmakers are expressing fear that the prospect of a default could start to affect markets even before it becomes reality, undermining investor confidence in U.S. stocks and bonds and triggering a worldwide plunge.

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