- CNTV English - CCTV News

Dems & reps close to a deal over debt

08-01-2011 15:30 BJT

Watch Video

Play Video

Following weeks of conflict in Congress, Republicans and Democrats are discussing a pact that would raise the government's borrowing authority and cut federal spending.

Even though both parties understand the disastrous consequences for the global economy if they fail to agree on raising the borrowing limit, politics are keeping them from reaching an agreement.

Getting there: The two sides are close to reaching a deal on raising the debt ceiling, with a plan which would fulfil one of Barack Obama's key demands - delaying any further showdown until after next year's election.

President Obama's key requirement of any plan is to take the debt ceiling off the agenda entirely ahead of the 2012 election. The Republicans, on the other hand, support raising the debt ceiling for a shorter period of time. Meanwhile, Democrats refuse to cut medical and social security spending, a cut supported by Republicans.

Hopeful: U.S. Senate Minority Leader Mitch McConnell and Minority Whip Jon Kyl walk to the Senate ahead of this afternoon's vote, as a deal on the debt crisis becomes 'very close'.


Positive: Senate Majority Leader Harry Reid makes his way to Nancy Pelosi's office. He said earlier that he was 'cautiously optimistic' a deal could be reached.


Editor:Li Wanran |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program