Republican leaders in the House of Representatives on Thursday abandoned efforts to vote on a plan to raise the nation’s borrowing authority, deepening the US debt ceiling crisis five days ahead of a possible default.
Several days of arm-twisting by top Republicans failed to quash a rebellion by conservative lawmakers, who say the plan remains short on spending cuts and lacks a constitutional amendment to force a balanced federal budget.
With markets increasingly unnerved about the lack of progress, pressure is rising on the White House to make a new effort to broker a deal, after allowing Congress to take the lead for several days.
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