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Rival debt plans pushed as time flies by

Top U.S. lawmakers rolled out dueling debt plans yesterday that offeredlittle prospect for compromise, increasing the threat of a ratingsdowngrade and national default, as President Barack Obama prepared toaddress Americans on the impasse.

Top U.S. lawmakers rolled out dueling debt plans yesterday that offered little prospect for compromise, increasing the threat of a ratings downgrade and national default, as President Barack Obama prepared to address Americans on the impasse.



Little more than a week before the Aug. 2 deadline to raise the $14.3 trillion U.S. debt ceiling, Republican and Democratic leaders traded blame in an acrimonious standoff as they pursued separate budget proposals, with no clear path to bring them together.



The stalemate rattled investors worldwide, sending stocks and the dollar down and pushing gold to a record high, but falling far short of the panicky sell-off that some politicians had feared.

 
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