The White House and Republican leaders were engaged in a final dash to shore up support on Capitol Hill for a compromise that would allow the US to escape a default on its debts, even as the markets switched their focus to more bad news about the economy.
The House of Representatives was expected to vote on Monday night on proposed legislation to cut $2,400bn in US deficits over 10 years and increase the debt ceiling until 2013 following an intense lobbying campaign by leaders on both sides.
But investors’ optimism over the prospect of a deal reaching Barack Obama’s desk before the deadline at midnight tonight was quickly put aside when a closely watched survey of manufacturing data showed the weakest pace of expansion in two years.
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