Despite a big build-up Thursday and a late night on Capitol Hill, the U.S. House did not vote on a plan to raise the debt ceiling and cut spending. House Speaker John Boehner couldn’t muster enough votes. He has the lukewarm support and promised vote of Alaska’s Congressman Don Young, but conservative Republicans say the plan doesn’t make deep enough cuts, and Democrats are staunchly opposed.
It’s just four days until the U.S. risks defaulting on its debt for the first time in modern history, which could rock the financial markets and force the White House to choose between which bills to pay, with items like Social Security checks and government contracts in jeopardy.
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