WKYT | Lexington, Kentucky | News

Debt talks grind on, clock ticks toward default

WASHINGTON (AP) - We're in Day 4 of the latest round of debt talks. And both sides are so entrenched, the Senate minority leader has suggested a longshot to break the logjam: Give the president the power to raise the debt spending limit to $2.4 trillion, provided he makes corresponding cuts.
Mitch McConnell's plan would, in effect, guarantee President Barack Obama's requests for new government borrowing authority unless Congress musters veto-proof majorities to deny him.
McConnell's plan immediately ran into stiff opposition among tea party conservatives and seemed unlikely to pass the House, but neither the White House nor House Speaker John Boehner dismissed it out of hand.
South Carolina Sen. Jim DeMint tells CBS' "The Early Show" Wednesday that the idea isn't something he likes.
DeMint says "Republicans weren't elected last November to make it easier to spend and borrow and add to our debt."

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