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U.S. debt talks hold glimmer of hope
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With time growing short and warnings more dire, the first, fragile signs emerged Thursday of a possible compromise to raise the United States' debt limit and avert a potentially catastrophic default on Aug. 2.
Under a plan discussed by the Senate's top two leaders, President Barack Obama would receive enhanced authority to raise the debt limit at the same time procedures would be set in motion that could lead to federal spending cuts.
Word that Majority Leader Harry Reid, a Democrat from Nevada, and Republican leader Mitch McConnell of Kentucky were at work on the fallback plan came as Obama and congressional leaders met for a fifth straight day in debt-crisis talks at the White House.
McConnell pronounced the session a good one and said, "We're going to continue to discuss a way forward over the next couple of days and see what happens."
Obama was having his say on Friday, scheduling his second White House news conference of the week.
House Republicans and Democrats scheduled closed-door meetings of the rank and file to review the spending cuts and tax increases proposed by one side or the other so far, and negotiators would probably meet on the weekend.
After weeks of political turmoil, it appeared attempts to avoid a default were proceeding along two tracks — the White House negotiations that appeared near an end, and the fallback that officials said privately presented the stronger opportunity to avert a crisis.
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