WKYT | Lexington, Kentucky | News

Debt face-off shifts to Congress, bargain in play

WASHINGTON (AP) - Congressional leaders are asking around today, to see if members might be open to the idea of passing one of three deficit reduction options.
President Barack Obama has scheduled a news conference later this morning, as a so-called backup option is taking shape in the Senate to extend the government's borrowing authority.
With an Aug. 2 deadline looming and no compromise jelling at the White House, Obama had to settle for asking congressional leaders to take the three deficit reduction options to their members to see which, if any, can win a vote in the House and Senate.
Credit rating agency Standard & Poor's said yesterday that there is a 50 percent chance it will downgrade the U.S. government's credit rating within three months because of the congressional impasse over approving an increase in the debt ceiling. Moody's Investors Service says it is also reviewing the government's triple-A bond rating.

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