WASHINGTON (AP) — Hope dimming for a broad debt-limit deal, Congress and the White House scrambled Wednesday to salvage deficit-reduction talks while top congressional Republicans said the nation cannot afford to default on its obligations — for economic reasons and their party's own good.
Ahead of a fourth negotiating session at the White House in as many days, Senate Republican leader Mitch McConnell defended his proposal to give President Barack Obama new powers to increase the nation's borrowing limit without GOP support.
"I refuse to help Barack Obama get re-elected by marching Republicans into a position where we have co-ownership of a bad economy," McConnell said on a radio talk show, contending that letting the nation go into financial default would give Obama reason to blame Republicans for the negative fallout.
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