The Republican-led House on Saturday July 30th rejected a Senate Democratic bill to raise the nation’s debt limit just three days before the deadline to avert an unprecedented U.S. financial default. President Barack Obama and lawmakers remained at loggerheads on any possible compromise. Continue reading after the jump.
With tensions high at a rare weekend session, the legislation failed on a 246-173 vote that was largely symbolic.
Saturday’s result, however, could pave the way for negotiations on a compromise with Tuesday’s deadline on the government’s ability to pay its bills fast approaching.
Obama, in his weekly radio and Internet address, warned that “there is very little time” and pleaded with both Republicans and Democrats to stop political gamesmanship.
“The time for compromise on behalf of the American people is now,” Obama said.
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