Jul 31, 2011 4:21 PM by AP Posted by James H Egbert
WASHINGTON (AP) -- Racing to avoid a government default, President Barack Obama and Republican congressional leaders reached urgently for a compromise Sunday to permit vital borrowing by the Treasury in exchange for more than $2 trillion in long-term spending cuts. Senate Republican Leader Mitch McConnell said the two sides were "really, really close" to a deal after months of partisan fighting. Yet he and others stressed that no compromise had been sealed, just two days before a deadline to raise the federal debt limit and enable the government to keep paying its bills.
(Copyright 2011 by The Associated Press. All Rights Reserved.)