WASHINGTON (AP) — The Senate's top Democrat is holding off on pressing ahead with a backup plan to avoid a government default.

The plan would give President Barack Obama new powers to order an increase in the government's borrowing limit. There's an Aug. 2 deadline to act.

Sen. Harry Reid says talks between Obama and House Speaker John Boehner are focused on producing legislation involving taxes and that the House would have to act first.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.