US pushed to brink of default as hopes hang on bipartisan Senate deal – live

Pressure mounting on Republicans to make deal. Investor confidence appears to hold. Senate action expected. Live blog coverage of Congress’ attempt to reopen the US government and steer the world’s biggest economy clear of the default cliff…

 


Powered by Guardian.co.ukThis article titled “US pushed to brink of default as hopes hang on bipartisan Senate deal – live” was written by Tom McCarthyin New York, for theguardian.com on Wednesday 16th October 2013 13.26 UTC

The Senate convenes at noon today. The House is scheduled to meet at 10am. President Obama is scheduled to have lunch with vice president Biden and has meetings today with his secretaries of treasury and state.

Good morning and welcome to our live blog coverage of Congress’ attempt to reopen government and steer clear of the default cliff.

Tuesday was a bad day on Capitol Hill. It began with hopes for a bipartisan Senate deal. Then House Republicans announced they were going to make a deal of their own. ”Whatever proposal we move forward will reflect our emphasis on fairness,” majority leader Eric Cantor said. But there was no proposal to follow. The leadership could not bring the hard-right faction on board.

Today begins with hopes for a bipartisan Senate deal. The Wall Street Journal has published an editorial telling Republicans that enough is enough: “Republicans can best help their cause now by getting this over with and moving on to fight more intelligently another day,” the paper concludes. The conservative National Review reports that GOP members indeed are ready to just “get it over with”.

The markets showed a bit of queasiness in yesterday’s tumble-jumble, but declined to panic.

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