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Obama to discuss status of debt talks

House Republicans want to use the debt ceiling as leverage to make major reductions in the long-term deficit, a move Obama opposes

AP , Friday 29 Jul 2011
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The White House says President Barack Obama will make a statement Friday on the status of talks on raising the country's borrowing authority to avoid a devastating U.S. default.

Obama's statement on the stalemate is the first since he addressed the nation Monday and urged Congress to act.
The administration says that the government will run out of borrowing capacity on Tuesday. The president has asked for a $2.4 trillion increase over the $14.3 trillion debt ceiling to help cover government obligations into 2013.

House Republicans want to use the debt ceiling as leverage to make major reductions in the long-term deficit, a move Obama opposes. House Speaker John Boehner was unable to muster enough votes Thursday night for his proposal and was still searching for votes Friday.

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